Weak Japan data drag down Zinc futures
21/10/2014 16:01
Zinc prices fell by 1.15 per cent on Tuesday at the domestic markets after Japanese Ministry of Economy, Trade and Industry said that Japan’s All Industries Activity Index fell to a seasonally adjusted -0.1 per cent, from -0.2 per cent in the preceding month indicating weak sentiment in the region which reduced the demand outlook for the metal. Zinc futures for October 2014 contract, at MCX, were trading at Rs 133.50 per kg, down by 1.15 per cent after opening at Rs. 135.30 against the previous closing price of Rs. 135.05. It touched the intra-day low of Rs. 132.75 till the trading. (At 3.58 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 1650 metric tonnes to 719925 metric tonnes as on October 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.
21/10/2014 16:01
Zinc prices fell by 1.15 per cent on Tuesday at the domestic markets after Japanese Ministry of Economy, Trade and Industry said that Japan’s All Industries Activity Index fell to a seasonally adjusted -0.1 per cent, from -0.2 per cent in the preceding month indicating weak sentiment in the region which reduced the demand outlook for the metal. Zinc futures for October 2014 contract, at MCX, were trading at Rs 133.50 per kg, down by 1.15 per cent after opening at Rs. 135.30 against the previous closing price of Rs. 135.05. It touched the intra-day low of Rs. 132.75 till the trading. (At 3.58 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 1650 metric tonnes to 719925 metric tonnes as on October 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.
