MCX Zinc concluded Monday's trading session at Rs 413 per kilogram, marking a gain of Rs 5.25 or 1.29 percent from the previous close of Rs 408, according to analysis from Univest. The commodity established an intraday trading range between Rs 406 and Rs 414 during the session. The near-term technical outlook for Tuesday's session appears constructive, with immediate support established at Rs 406 and primary resistance at Rs 414.
Secondary support sits at Rs 401, a level that would signal a material weakening of the current trend if breached. Upper resistance is positioned at Rs 418. According to Ankit Jaiswal, equity research analyst at Univest, the MCX zinc forecast for Tuesday is anchored to global commodity market movements and the rupee-dollar exchange rate dynamics.
Technical oscillators suggest the commodity is trading in a neutral zone, with RSI readings in the 45-55 range for most MCX zinc contracts. A sustained move above Rs 414 on a 15-minute candle close would upgrade the outlook to bullish for the session. The rally on Monday was supported by LME zinc inventory drawdowns and supply tightness from key producing regions.
Global cues will play a pivotal role in Tuesday's direction, particularly overnight movements on COMEX and LME markets. A continuation of the LME zinc rally above USD 2,800 per tonne would keep the MCX session bullish, with potential targets in the Rs 414-418 range. Beyond commodity fundamentals, broader market factors will influence zinc trading on Tuesday.
The India VIX closed at 11.54, and the double F&O expiry on 25 August—including Nifty weekly options and Bank Nifty monthly options—could generate cross-asset volatility that spills into MCX commodities. FII flows in Indian equity markets showed mild weakness on 24 August, and any continuation could weaken the rupee, potentially providing support for rupee-denominated MCX commodity prices. Jaiswal noted that the rupee-dollar exchange rate and US Dollar Index performance will be critical inputs for Tuesday's MCX zinc price action.
A stronger dollar typically pressures MCX commodity prices, while a weaker dollar supports commodities. Additionally, crude oil price movements affect India's trade balance and rupee stability, which indirectly influences zinc and other non-energy commodities. Traders should remain vigilant to several downside risks for the zinc forecast.
A sharp overnight reversal in global zinc prices on COMEX or LME could invalidate current support and resistance levels. Unexpected geopolitical developments or crude oil supply disruptions could reset broader commodity sentiment ahead of Tuesday's session. Zinc price movements are particularly relevant for investors holding commodity-linked equities including Hindustan Zinc, Hindalco Industries, and Vedanta, which are directly influenced by metal price trajectories.
Source: Univest (univest.in), published 24 August 2026.
Source: univest.in