Weak Euro area data weighs on Zinc futures
04/07/2014 09:35
Zinc futures ended lower in the domestic market on Thursday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market. Further, private sector output in the Euro area expanded at the slowest pace in six months in June 2014, signaling a faltering recovery in the 18-member economy, dimming the demand outlook for industrial metals. A combined gauge measuring Euro area manufacturing and services activity fell to 52.8 in June from 53.5 in May, with a reading above 50 signaling expansion. At the MCX, Zinc futures for July 2014 contract closed at Rs. 133.50 per 1 kg, down by 0.41 per cent, after opening at Rs. 134.45, against the previous closing price of Rs. 134.05. It touched an intra-day low of Rs 133.05.
