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In the last 1 hour, zinc prices have registered a 4.50% movement between the opening of 8 am (2749.50$/ton) and its minimum (2627$/ton), to then recover part of the lost ground (2720$/ton at 9.30 am).
In this way the prices have created a long “spike” (lower line visible under the candle) synonymous with high volatility in the market.
It should be noted that prices, on a daily basis, went to test the dynamic support in the area 2627 $/ton, represented by the lower part of the bullish channel in place from the lows of March 2020.
It will be fundamental to observe if 2650 $/ton can resist to further downward attacks by zinc prices.
At the level of statistics/seasonality calculated on a yearly basis, the month of March is indicated as a period of price contraction, on all calculated time periods (30-15-10-5 years).
