Zinc falls on weak euro area data
21/08/2014 16:06
Zinc prices fell by 0.45 per cent on Thursday at the domestic markets after manufacturing activity in the euro zone expanded at the slowest rate in 13-months in August, fuelling concerns over the region’s growth outlook which reduced the demand outlook for the metal. Market research group Markit said that its preliminary manufacturing purchasing managers’ index fell to a seasonally adjusted 50.8 this month, down from a final reading of 51.8 in July. Zinc futures for August 2014 contract, at MCX, were trading at Rs 142.45 per kg, up by 0.45 per cent after opening at Rs. 142.75 against the previous closing price of Rs. 143.10. It touched the intra-day low of Rs. 142.25 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 650 metric tonnes to 735225 metric tonnes as on August 21, 2014. Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
21/08/2014 16:06
Zinc prices fell by 0.45 per cent on Thursday at the domestic markets after manufacturing activity in the euro zone expanded at the slowest rate in 13-months in August, fuelling concerns over the region’s growth outlook which reduced the demand outlook for the metal. Market research group Markit said that its preliminary manufacturing purchasing managers’ index fell to a seasonally adjusted 50.8 this month, down from a final reading of 51.8 in July. Zinc futures for August 2014 contract, at MCX, were trading at Rs 142.45 per kg, up by 0.45 per cent after opening at Rs. 142.75 against the previous closing price of Rs. 143.10. It touched the intra-day low of Rs. 142.25 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 650 metric tonnes to 735225 metric tonnes as on August 21, 2014. Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
