Crime Today News
File picture: Zinc ingots sit stacked in a warehouse
| Photo Credit:
SEONGJOON CHO
Zinc prices are attempting to recover after having fallen sharply for more than three weeks. The Zinc futures contract traded on the Multi Commodity Exchange (MCX) tumbled to a low of ₹243.90 per kg in the first half of last week. It has bounced back from there, recovering some of the loss. The contract is currently at ₹254.6 per kg.
Outlook
The Zinc Futures contract has strong support at ₹245. This has held very well. The price action this week is going to be important. Key resistance is at ₹260. Failure to breach this hurdle can drag the contract down to ₹250 and ₹245 again. In that case, there is a possibility of witnessing a sideways consolidation between ₹245 and ₹260 for some time.
On the other hand, if the contract breaches ₹260, it can gain momentum. Such a break can take the MCX Zinc contract up to ₹275 in the coming weeks.
As such, the price action this week will be crucial. That would be key in deciding the move for Zinc going forward.
Trade strategy
Traders have to adopt a wait and watch approach for a few days. Take fresh longs only on a break above ₹260. Keep the stop-loss at ₹255. Trail the stop-loss up to ₹263 as soon as the contract moves up to ₹267. Move the stop-loss further up to ₹268 when the price touches ₹271. Exit the long positions at ₹273.
Published on April 14, 2025
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