Slowing global economy bites Zinc
18/11/2014 09:25
Zinc futures ended lower on Monday as investors and speculators exited positions in the industrial metal as a slowdown in China, the world’s biggest metals consumer showed signs of deepening as credit growth weakened last month, while Japan entered a recession, darkening the demand outlook for the base metal.
New local currency loans in China stood at 548.3 billion yuan last month, down from 857.2 billion yuan in September.
Japan’s economy shrank an annualized 1.6 per cent in the July-September 2014 period amid a hike in the sales levy earlier this year.
At the MCX, Zinc futures for November 2014 contract closed at Rs. 139.20 per 1 kg, down by 0.14 per cent, after opening at Rs. 139.60, against the previous closing price of Rs. 139.40. It touched an intra-day low of Rs 138.60.
18/11/2014 09:25
Zinc futures ended lower on Monday as investors and speculators exited positions in the industrial metal as a slowdown in China, the world’s biggest metals consumer showed signs of deepening as credit growth weakened last month, while Japan entered a recession, darkening the demand outlook for the base metal.
New local currency loans in China stood at 548.3 billion yuan last month, down from 857.2 billion yuan in September.
Japan’s economy shrank an annualized 1.6 per cent in the July-September 2014 period amid a hike in the sales levy earlier this year.
At the MCX, Zinc futures for November 2014 contract closed at Rs. 139.20 per 1 kg, down by 0.14 per cent, after opening at Rs. 139.60, against the previous closing price of Rs. 139.40. It touched an intra-day low of Rs 138.60.
