Zinc Trading Range For The Day Is 209.9-215.5.
SELL ZINC BELOW 209.40 TARGET 209-208.50-207.50 WITH SL 210.90
Zinc on MCX settled down -0.07% at 212.60 prices traded in the range as some profit booking seen near to 213-214 level while LME Zinc prices hold well above $3100 on supply worries and the prices has increased almost 4 percent in October supported by supply concerns. Zinc prices gained this week after data showed output in China slipped in September, highlighting worries that winter production cuts are tightening supplies of metals.
Technically Market is under long liquidation as market has witnessed drop in open interest by -1.91% to settled at 8052 while prices down -0.15 rupees, now Zinc is getting support at 211.2 and below same could see a test of 209.9 level, And resistance is now likely to be seen at 214, a move above could see prices testing 215.5.
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