Zinc futures end higher on China data
24/06/2014 09:07
Zinc futures ended higher in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal amid firm physical demand for zinc in the domestic spot market. Manufacturing activity in China rose at the fastest pace in seven months in June 2014, signaling a pickup in the world’s second biggest economy, lifting the demand outlook for base metals. The gauge measuring manufacturing in China rose to 50.8 in June from 49.4 in the previous month, with a reading above 50 signaling expansion, HSBC said. However, a slowdown in Euro area manufacturing signaled a cooling recovery in the 18-member economy, dimming the demand outlook for industrial metals, curbing gains in zinc futures. The gauge measuring Euro area manufacturing fell to 52.8 in June from 53.5 in the previous month, Markit said. At the MCX, Zinc futures for June 2014 contract closed at Rs. 131.15 per 1 kg, up by 0.46 per cent, after opening at Rs. 130.75, against the previous closing price of Rs. 130.55. It touched an intra-day high of Rs 132.
24/06/2014 09:07
Zinc futures ended higher in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal amid firm physical demand for zinc in the domestic spot market. Manufacturing activity in China rose at the fastest pace in seven months in June 2014, signaling a pickup in the world’s second biggest economy, lifting the demand outlook for base metals. The gauge measuring manufacturing in China rose to 50.8 in June from 49.4 in the previous month, with a reading above 50 signaling expansion, HSBC said. However, a slowdown in Euro area manufacturing signaled a cooling recovery in the 18-member economy, dimming the demand outlook for industrial metals, curbing gains in zinc futures. The gauge measuring Euro area manufacturing fell to 52.8 in June from 53.5 in the previous month, Markit said. At the MCX, Zinc futures for June 2014 contract closed at Rs. 131.15 per 1 kg, up by 0.46 per cent, after opening at Rs. 130.75, against the previous closing price of Rs. 130.55. It touched an intra-day high of Rs 132.
