Zinc Could Rise to $1,974 per Metric Ton

Bloomberg reported that Commerzbank AG said zinc is holding above the key support level of $1,812 per metric ton and may rise to as much as $1,974, higher than it has been since March.

As quoted in the market news:

‘Zinc has seen yet another rebound off the major support zone,’ Karen Jones and Axel Rudolph, London-based technical analysts, said in a July 10 report. ‘The market clearly is not ready to break lower.’

The metal has gained about 5 percent since touching $1,812 on June 24, the lowest since May 15. The price may rise to the 200-day moving average at $1,968 and then to the 38.2 percent Fibonacci retracement of $1,974 in the short term, according to the report.

Click here to read the full Bloomberg report.