Zinc has surged to its highest level in 10 months as speculators bet weaker supplies would create shortages, but copper touched a one-week low on worries about demand in top consumer China.
Speculators pushed zinc prices through key technical levels, fueling a rally by triggering pre set buying orders also noting industrial metals got a fillip late in the session from a report that OPEC will consider setting a new oil output ceiling at its meeting on Thursday.
Zinc has been the favorite of investors in 2016 and the best performer on the LME with a gain of 22 percent after major mines closed and Chinese smelters pledged to slash output.
Three consecutive closes + weekly close above 131 will take to 140+ mark in days to come.
Intraday... above 134.50. We will see further upside rally till 136---137 mark
