Zinc rises by 0.30% on strong US demand outlook
24/06/2014 15:45
Zinc prices rose by 0.30 per cent on Tuesday at the domestic markets after Manufacturing in the US expanded at the fastest pace in over four years in June 2014 while existing home sales climbed in May, signaling a pickup in the world’s biggest economy, lifting the demand outlook for the metal. The gauge measuring US manufacturing rose to 57.5 in June from 56.4 in May, with a reading above 50 signaling expansion, Markit said. Zinc futures for June 2014 contract, at MCX, were trading at Rs 131.55 per kg, up by 0.30 per cent after opening at Rs. 130.75 against the previous closing price of Rs. 131.15. It touched the intra-day high of Rs. 131.60 till the trading. (At 3.45 PM today). Sentiment improved further due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME zinc stocks fell by 2075 metric tonnes to 671250 metric tonnes as on June 24, 2014. Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
24/06/2014 15:45
Zinc prices rose by 0.30 per cent on Tuesday at the domestic markets after Manufacturing in the US expanded at the fastest pace in over four years in June 2014 while existing home sales climbed in May, signaling a pickup in the world’s biggest economy, lifting the demand outlook for the metal. The gauge measuring US manufacturing rose to 57.5 in June from 56.4 in May, with a reading above 50 signaling expansion, Markit said. Zinc futures for June 2014 contract, at MCX, were trading at Rs 131.55 per kg, up by 0.30 per cent after opening at Rs. 130.75 against the previous closing price of Rs. 131.15. It touched the intra-day high of Rs. 131.60 till the trading. (At 3.45 PM today). Sentiment improved further due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME zinc stocks fell by 2075 metric tonnes to 671250 metric tonnes as on June 24, 2014. Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
