Zinc futures rally on physical demand, supply fears
23/06/2014 08:21
Zinc futures ended higher in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal amid firm physical demand for zinc in the domestic spot market. Shrinking stockpiles at the London Metal Exchange (LME) signaled supply concerns over the base metal. Stockpiles at LME warehouses tumbled to the lowest level since late 2010. Global zinc deficit rose to 107,000 tonnes in January to April from 17,000 tonnes in January-March, data from Lisbon-based International Lead and Zinc Study Group showed. At the MCX, Zinc futures for June 2014 contract closed at Rs. 130.55 per 1 kg, up by 0.89 per cent, after opening at Rs. 129.70, against the previous closing price of Rs. 129.40. It touched an intra-day high of Rs 130.95.
23/06/2014 08:21
Zinc futures ended higher in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal amid firm physical demand for zinc in the domestic spot market. Shrinking stockpiles at the London Metal Exchange (LME) signaled supply concerns over the base metal. Stockpiles at LME warehouses tumbled to the lowest level since late 2010. Global zinc deficit rose to 107,000 tonnes in January to April from 17,000 tonnes in January-March, data from Lisbon-based International Lead and Zinc Study Group showed. At the MCX, Zinc futures for June 2014 contract closed at Rs. 130.55 per 1 kg, up by 0.89 per cent, after opening at Rs. 129.70, against the previous closing price of Rs. 129.40. It touched an intra-day high of Rs 130.95.
