Japan recovery hopes lift Zinc
20/11/2014 09:35
Zinc futures ended higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for zinc in the domestic spot market.
Further, hopes of an economic recovery in Japan which plunged into a recession last quarter also lifted the demand outlook for the base metal as Prime Minister Shinzo Abe delayed a sales tax hike by 18 months and called for early elections to extend a mandate to help pull the world’s third biggest economy from two decades of deflation.
Investors looked past weaker than expected US housing data which showed a surprise dip in starts last month.
At the MCX, Zinc futures for November 2014 contract closed at Rs. 139.80 per 1 kg, up by 0.83 per cent, after opening at Rs. 138.75, against the previous closing price of Rs. 138.65. It touched an intra-day high of Rs 140.15.
20/11/2014 09:35
Zinc futures ended higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for zinc in the domestic spot market.
Further, hopes of an economic recovery in Japan which plunged into a recession last quarter also lifted the demand outlook for the base metal as Prime Minister Shinzo Abe delayed a sales tax hike by 18 months and called for early elections to extend a mandate to help pull the world’s third biggest economy from two decades of deflation.
Investors looked past weaker than expected US housing data which showed a surprise dip in starts last month.
At the MCX, Zinc futures for November 2014 contract closed at Rs. 139.80 per 1 kg, up by 0.83 per cent, after opening at Rs. 138.75, against the previous closing price of Rs. 138.65. It touched an intra-day high of Rs 140.15.
