ZINC SELL ZINC (SEPT) BELOW 110.80 SL 114 TARGET 106
- Zinc open interest slumps most in 16 Months as prices rise and LME cancelled warrant ratio jumps to 37.09%, highest since start of this year.
- Increased buying by speculators, supported by pick-up in demand in the spot market mainly helped
- Zinc futures to trade higher this week.
- While looking at weekly chart, MCX Zinc has taken resistance around 115.50 4 times since Sept 2010 making it a strong resistance. This week’s high was 115.15 and Zinc didn’t sustain above it.
- In LME Zinc has resistance around 2150 and support around 2070.
