Weak US demand outlook drags down Zinc futures
02/07/2014 15:51
Zinc prices fell by 0.34 per cent on Wednesday at the domestic markets after manufacturing activity in the U.S. expanded at a slower rate than expected in June, dampening optimism over the health of the economy, reducing the demand outlook for the metal. Institute for Supply Management said its index of purchasing managers fell to 55.3 last month from a reading of 55.4 in May. Zinc futures for July 2014 contract, at MCX, were trading at Rs 130.60 per kg, down by 0.34 per cent after opening at Rs. 130.95 against the previous closing price of Rs. 131.05. It touched the intra-day low of Rs. 130.45 till the trading. (At 3.50 PM today). However, losses were curbed due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME zinc stocks fell by 1175 metric tonnes to 666775 metric tonnes as on July 2, 2014. Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
02/07/2014 15:51
Zinc prices fell by 0.34 per cent on Wednesday at the domestic markets after manufacturing activity in the U.S. expanded at a slower rate than expected in June, dampening optimism over the health of the economy, reducing the demand outlook for the metal. Institute for Supply Management said its index of purchasing managers fell to 55.3 last month from a reading of 55.4 in May. Zinc futures for July 2014 contract, at MCX, were trading at Rs 130.60 per kg, down by 0.34 per cent after opening at Rs. 130.95 against the previous closing price of Rs. 131.05. It touched the intra-day low of Rs. 130.45 till the trading. (At 3.50 PM today). However, losses were curbed due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME zinc stocks fell by 1175 metric tonnes to 666775 metric tonnes as on July 2, 2014. Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
