UMBAI (Commodity Online): Global demand for zinc rose in the second quarter but consumption in the U.S. and Europe remained low. Global demand for zinc increased by 7% on the quarter.
Demand rose on the quarter in China, the biggest market for base metals, with zinc demand up 11%. Compared with the second quarter of 2008, global demand for zinc was down by 16%, while demand in China for zinc demand fell by 3%.
Zinc yesterday we have seen that market has moved 2.99%. Market has opened at 77.50 & made a low of 77.35 versus the day high of 79.85.
The total volume for the day was at 16211 lots and the open interest was at 3936.Now support for the zinc is seen at 77.85 and below could see a test of 76.35. Resistance is now likely to be seen at 80.35, a move above could see prices testing 81.35.
Trading Ideas:
ZINC TRADING RANGE IS 70-85.
AS PER EXPECATION ZINC JUMPED TILL 79 LVL NOW TRADERS CAN SELL FOR TGT 76-77.
SELL ZINC JULY BELOW 79 SL 79.40 TGT 78.60-77.80-77.40-76.60.MCX
GLOBAL REFINED ZINC USE WAS 4.219 MT, DOWN FROM 4.726 MILLION
NOW RES IS AT 79.40 ABV THIS LOOKS TILL 80-81.50 LVL
YESTERDAY LME STOCK FOR ZINC CAME Down BY -500
