Zinc futures soar on upbeat US demand outlook
03/07/2014 09:29
Zinc futures surged in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal amid firm physical demand for zinc in the domestic spot market. US private sector payrolls rose the most since November 2012 in June 2014, signaling a pickup in the job market of the world’s biggest economy, lifting the demand outlook for industrial metals. Business activity in the New York region expanded at a faster pace in June as the ISM current business conditions gauge rose to a five-month high of 60.5 from 55.3 in May, with a reading above 50 signaling expansion. At the MCX, Zinc futures for July 2014 contract closed at Rs. 134.05 per 1 kg, up by 2.29 per cent, after opening at Rs. 130.95, against the previous closing price of Rs. 131.05. It touched an intra-day high of Rs 134.25.
03/07/2014 09:29
Zinc futures surged in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal amid firm physical demand for zinc in the domestic spot market. US private sector payrolls rose the most since November 2012 in June 2014, signaling a pickup in the job market of the world’s biggest economy, lifting the demand outlook for industrial metals. Business activity in the New York region expanded at a faster pace in June as the ISM current business conditions gauge rose to a five-month high of 60.5 from 55.3 in May, with a reading above 50 signaling expansion. At the MCX, Zinc futures for July 2014 contract closed at Rs. 134.05 per 1 kg, up by 2.29 per cent, after opening at Rs. 130.95, against the previous closing price of Rs. 131.05. It touched an intra-day high of Rs 134.25.
