Strong demand prospects lift Zinc futures
29/10/2014 16:25
Zinc prices rose by 0.18 per cent on Wednesday at the domestic markets after a report said that US consumer confidence surged to the highest level in seven years this month, signaling a pickup in the world’s biggest economy, lifting the demand outlook for the metal. The Conference Board’s US consumer sentiment index rose to 94.5 in October from 89 in September. Zinc futures for October 2014 contract, at MCX, were trading at Rs 138.45 per kg, up by 0.18 per cent after opening at Rs. 138 against the previous closing price of Rs. 138.20. It touched the intra-day high of Rs. 138.60 till the trading. (At 4.15 PM today).
Sentiment improved further 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 2700 metric tonnes to 705525 metric tonnes as on October 29, 2014.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
29/10/2014 16:25
Zinc prices rose by 0.18 per cent on Wednesday at the domestic markets after a report said that US consumer confidence surged to the highest level in seven years this month, signaling a pickup in the world’s biggest economy, lifting the demand outlook for the metal. The Conference Board’s US consumer sentiment index rose to 94.5 in October from 89 in September. Zinc futures for October 2014 contract, at MCX, were trading at Rs 138.45 per kg, up by 0.18 per cent after opening at Rs. 138 against the previous closing price of Rs. 138.20. It touched the intra-day high of Rs. 138.60 till the trading. (At 4.15 PM today).
Sentiment improved further 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 2700 metric tonnes to 705525 metric tonnes as on October 29, 2014.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
