Weak Eurozone factory data takes toll on Zinc futures
02/07/2014 09:35
Zinc futures tumbled in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal after Euro area manufacturing activity grew at a weaker pace in June, signaling a faltering recovery in the 18-member economy, dimming the demand outlook for industrial metals. The gauge measuring Euro area manufacturing fell to 51.8 in June from 52.2 in the previous month, with a reading above 50 signaling expansion, Markit said. Investors cast aside robust Chinese data which showed that manufacturing activity in China expanded at the fastest pace this year in June, signaling a pickup in the world’s biggest economy. The official gauge measuring manufacturing in China climbed to 51 this month from 50.8 in May. At the MCX, Zinc futures for July 2014 contract closed at Rs. 131.05 per 1 kg, down by 1.76 per cent, after opening at Rs. 133.20, against the previous closing price of Rs. 133.40. It touched an intra-day low of Rs 130.95.
02/07/2014 09:35
Zinc futures tumbled in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal after Euro area manufacturing activity grew at a weaker pace in June, signaling a faltering recovery in the 18-member economy, dimming the demand outlook for industrial metals. The gauge measuring Euro area manufacturing fell to 51.8 in June from 52.2 in the previous month, with a reading above 50 signaling expansion, Markit said. Investors cast aside robust Chinese data which showed that manufacturing activity in China expanded at the fastest pace this year in June, signaling a pickup in the world’s biggest economy. The official gauge measuring manufacturing in China climbed to 51 this month from 50.8 in May. At the MCX, Zinc futures for July 2014 contract closed at Rs. 131.05 per 1 kg, down by 1.76 per cent, after opening at Rs. 133.20, against the previous closing price of Rs. 133.40. It touched an intra-day low of Rs 130.95.
