

Zinc prices registered a strong weekly performance, rising +4.7% to mark a high of 324.40, before closing the week at 316.70, despite mild profit-booking towards the end. The broader sentiment remains constructive, supported by global fundamentals and industry bodies like the IZA Africa continue to highlight zinc’s critical role in corrosion protection and infrastructure longevity, aligning with rising construction and galvanization demand worldwide.
Technically, Zinc continues to trade comfortably above all its key moving averages, with 20, 50, 100 and 200-DEMA placed at 306.30, 295.90, 284.70 and 274.40 respectively, confirming the strength of the prevailing uptrend. Prices are moving within a rising channel, reflecting sustained buying interest on declines. Open Interest has declined by 650 lots, suggesting long unwinding at higher levels rather than aggressive fresh selling, keeping the overall structure positive. Indicator snapshot: RSI on the daily timeframe is hovering near 69, indicating strong momentum while still staying below extreme overbought territory. Volume activity remains steady, supporting the ongoing bullish bias, while trend-following indicators continue to favor buyers as long as prices hold above short-term averages.
Overall, the trend remains positive, and traders may continue to adopt a buy-on-dips strategy, while exercising caution near upper resistance zones.
| Support 2 | Support 1 | CMP | Resistance 1 | Resistance 2 |
|---|---|---|---|---|
| 299 | 306 | 316.70 | 325 | 334 |
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