Zinc yesterday traded with the negative node and settled -0.26% down at 97.85 as the US Commerce Department announced that the seasonally adjusted number of jobless claims for the week ending December 17th decreased by 4,000, to 364,000, the first decline and the lowest since April 2008.
In this context, LME Zinc prices rallied to USD 1,880/mt, down USD 3.3/mt. Italy passed the latest austerity measures Thursday, comforting market concerns over Europe's debt crisis.
Meanwhile, the US announced claims for unemployment benefits last week dropped to the lowest level since April 2008, while the index of leading economic indicators for November rose for a seventh straight month, offsetting the negative impact from the softer than expected 3Q GDP data. As a result, US stock markets closed with gains.
However, market activity was light Thursday and positions for LME continued to fall, suggesting that the US and European markets already entered the Christmas holiday. In yesterday's trading session Zinc has touched the low of 97.5 after opening at 98.15, and finally settled at 97.85.
For today's session market is looking to take support at 97.3, a break below could see a test of 96.8 and where as resistance is now likely to be seen at 98.5, a move above could see prices testing 99.2.
Trading Ideas:
Zinc trading range is 96.8-99.2.
Zinc settled down as the US Commerce Department announced that the seasonally adjusted number of jobless claims.
Trading volumes were expected to remain light ahead of the Christmas holiday weekend.
Economic data from the US boosted market sentiment, and the pass of austerity plan in Italy also stoked investors? confidence.
Courtesy: Kedia Commodities
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