Zinc futures (₹386/kg) has been rallying steadily since June 25 after it found support at ₹350. On Wednesday, it broke out of a resistance, opening the door for further rally.

The July futures, after surpassing the hurdle at ₹372 a couple of weeks back, was trading in a sideways band of ₹372-380. On Wednesday, it broke out of ₹380. It extended the rise on Thursday, and zinc futures is now trading at record level of ₹386.

The chart shows that the uptrend is intact. The price action since June 25 shows confirmation of a bull flag chart pattern according to which zinc futures can rally to ₹410 swiftly.

But there could be a minor decline to ₹380 before the contract eventually rises to ₹410. That said, in case zinc futures slips back below ₹380, it can extend the downswing to ₹372. A breakdown of ₹372 can turn the outlook weak.

Overall, the bias will be bullish until zinc futures trades above ₹372 and there is a good chance for it to touch ₹410 in the near-term.

Trade strategy

Buy zinc futures (July) at ₹382 and place stop-loss at ₹370. When the price rises to ₹400, revise the stop-loss to ₹390. Book profits at ₹410.

Published on July 23, 2026