Zinc on MCX settled down -1.62% at 124.85 tracking weakness from LME Zinc which failed to trade in closing open outcry activity and was bid down 1.7 per cent at $US1,870 a tonne after earlier touching the highest levels in more than three weeks at $US1,934.50.

Zinc at $1,924 was $19 higher – stocks and cancelled warrants both fell 1,100 tonnes to 391,500 tonnes and 26,500 tonnes respectively. 

Technically market is under long liquidation as market has witnessed drop in open interest by -25.44% to settled at 4375 while prices down -2.05 rupee, now Zinc is getting support at 123 and below same could see a test of 121.2 level, And resistance is now likely to be seen at 127.5, a move above could see prices testing 130.2.Contact this no:- 9827808090

                     Trading Ideas 

Zinc trading range for the day is 121.2-130.2.      

LME zinc stocks fell to 392,600 tonnes on May 10, the lowest since 2009 and about two-thirds below 2013's record peak.