Zinc Updates- MCX Zinc Likely to Go up

MCX Zinc April contract yesterday traded with the negative node and settled -2.1% down at 109.5 as US dollar index overnight rebounded from 74.9, to 75.07, weighing down LME zinc prices.

In yesterday's trading session Zinc futures has touched the low of 108.95 after opened at 111.25, and finally settled at 109.5. For today's session market is looking to take support at 106.9, a break below could see a test of 105.8 and where as resistance is now likely to be seen at 111.5, a move above could see prices testing 113.5.

MCX Zinc April contract trading range is 106.9-113.5.

Short term traders can buy MCX Zinc contract near 106.5 with the stop loss of 104.5 and can wait for the targets of 109.5 and 111.5 .

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MCX ZINC Tips - Long Above 112.50

MCX Zinc January contract opened at 110.95 per kg against previous day’s close of 111.10. It remained choppy during opening session of the day and made intraday high of 111.30, while it was trading at 110.85 a few minutes ago.

Technically, Zinc looks sideways and range of Zinc is from 107-112. Support for Zinc is seen at 108.50 while resistance levels are 112. Zinc prices are likely to rise within next few trading days and could test 115-117 levels only if it gives closing strong above 112.50 within next week . Short term traders can buy MCX Zinc January contract above 112.50 with stop loss of 110 and can wait for the target of 116.

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