AHMEDABAD (Commodity Online): MCX Zinc yesterday traded with the negative node and settled -0.71% down at 98.7 tracking LME zinc prices overnight fell in the morning session during Asian trading hours, but then surged to as high as USD 2,234/mt at noon, and with prices inching down later the day due to rebounding US dollar index. The number of US jobless claims for the week ending August 13 rose to 408,000, compared to a forecast of 400,000. Downstream buying interest should be low as zinc prices fluctuate ahead of the weekend.
In yesterday's trading session Zinc futures has touched the low of 97.9 after opened at 99.9, and finally settled at 98.7. For today's session market MCX Zinc August contract is looking to take support at 97.4, a break below could see a test of 96.1 and where as resistance is now likely to be seen at 100.5, a move above could see prices testing 102.2.
Zinc futures trading range is 96.1-102.2.
Intraday traders can sell MCX Zinc August contract near 99.5 with the stop loss of 100.90 and can wait for the targets of 98 and 97.2.
To get in touch with the Analyst on this report or to get a free trial on trading advisories call 079-40275050.
