Commodity Outlook for Zinc by KediaCommodity, Xstrata Plc, the world’s biggest thermal coal exporter, said zinc output at its Mount Isa operation in Australia will rise more than 10 percent this year and next as production costs decline. Zinc yesterday we have seen that market has moved 0.4%. Market has opened at 100.3 & made a low of 100.25 versus the day high of 100.6.
The total volume for the day was at 1029 lots and the open interest was at 8868. Now support for the zinc is seen at 100.3 and below could see a test of 100.1. Resistance is now likely to be seen at 100.7, a move above could see prices testing 100.8. Trading Ideas: Zinc trading range is 100.1-100.8. Xstrata to boost Mount Isa zinc output 10% in 2010, 2011 Zinc looks to take support at 99.30 and resistance at 101.60. Zinc weekly stocks at Shanghai exchange came down by 1580 tonnes.
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