Zinc futures rally on upbeat US economic outlook
01/07/2014 09:15
Zinc futures closed higher in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal amid firm physical demand for zinc in the domestic spot market. Sentiment was also lifted after Federal Reserve Bank of San Francisco President John Williams signaled optimism over the recovery in the world’s biggest economy, lifting the demand outlook for industrial metals. Williams expects the US economy to grow more than 3 per cent for the remainder of the year despite a shock contraction in Q1 when bad weather played spoilsport. At the MCX, Zinc futures for June 2014 contract closed at Rs. 132.45 per 1 kg, up by 0.80 per cent, after opening at Rs. 131.70, against the previous closing price of Rs. 131.40. It touched an intra-day high of Rs 132.50.
01/07/2014 09:15
Zinc futures closed higher in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal amid firm physical demand for zinc in the domestic spot market. Sentiment was also lifted after Federal Reserve Bank of San Francisco President John Williams signaled optimism over the recovery in the world’s biggest economy, lifting the demand outlook for industrial metals. Williams expects the US economy to grow more than 3 per cent for the remainder of the year despite a shock contraction in Q1 when bad weather played spoilsport. At the MCX, Zinc futures for June 2014 contract closed at Rs. 132.45 per 1 kg, up by 0.80 per cent, after opening at Rs. 131.70, against the previous closing price of Rs. 131.40. It touched an intra-day high of Rs 132.50.
