Zinc futures (₹368/kg) saw an increase in price over the last week. However, the rally does not have enough strength to surpass the prior high. As it stands, the price action shows that the contract is potentially in a consolidation phase.

The June futures has been trading within ₹357 and ₹375 over the last month. Unless either of these levels are breached, the path of the next leg of trend will remain uncertain.

If the bulls gain traction, leading to a breakout of ₹375, zinc futures can rally to ₹400. On the other hand, if zinc futures breaches the support at ₹357, the outlook can turn bearish and the price can drop to ₹340.

So, overall, as it stands, although the long-term trend has been bullish, the contract is now in a sideways band.

Trade strategy

Since there is a lack of clarity in the direction of short-term trend, traders can stay out. Consider fresh positions along the direction of the break of the ₹357-375 range.

Published on June 18, 2026