TECHNICALS FOR DECEMBER 23

MCX DECEMBER ZINC

SHORT TERM ; SIDEWAYS

LONG TERM : BEARISH

SUPPORTS ; 54.30, 52.80,51.40

RESISTANCES ; 56.60, 58, 59.60

WAIT FOR CONFIRMATION.

Zinc futures rose to the highest in more

than three weeks on speculation that Chinese government

may buy the metal soon to boost strategic reserves and

to help producers amid economic slowdown.

Zinc for March delivery rose as much as 0.8 percent to

9,780 yuan ($1,427) a ton. It jumped the daily limit

yesterday to 9,785 yuan, the most since Dec. 27.

The metal dropped 1.3 percent to $1,165 on the London

Metal Exchange at 10:38 a.m. Shanghai time, bring this

year’s plunge to 51 percent.