Zinc output from Chinese-owned Australian miner Minerals & Metals Group, or MMG, rose 28% on the quarter to 178,979 metric tons in concentrate in the fiscal second quarter ended June 30, the company said. Zinc yesterday we have seen that market has moved -1.99%. Market has opened at 90.1 & made a low of 87.75 versus the day high of 90.35. The total volume for the day was at 28978 lots and the open interest was at 5711.Now support for the zinc is seen at 87.4 and below could see a test of 86.3. Resistance is now likely to be seen at 90, a move above could see prices testing 91.5.
Trading Ideas:
Zinc trading range is 86.3-91.5.
Zinc output from Minerals & Metals Group, rose 28% on the quarter to 178,979 metric tons
Resistance for zinc is seen at 90 and support is at 87.40.
Zinc daily stock at Shanghai exchange came down by -998 tonnes.
