Weak Japan data drags down Zinc futures
17/11/2014 16:15
Zinc prices fell by 0.36 per cent on Monday at the domestic markets after Cabinet Office said that Japan’s GDP fell to a seasonally adjusted -0.4 per cent, from -1.9 per cent in the preceding quarter whose figure was revised down from -1.8 per cent signaling weak growth in the economy which reduced the demand outlook for the metal. Zinc futures for November 2014 contract, at MCX, were trading at Rs 138.90 per kg, down by 0.36 per cent after opening at Rs. 139.60 against the previous closing price of Rs. 139.40. It touched the intra-day low of Rs. 138.60 till the trading. (At 3.30 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 2275 metric tonnes to 685175 metric tonnes as on November 17, 2014. Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
17/11/2014 16:15
Zinc prices fell by 0.36 per cent on Monday at the domestic markets after Cabinet Office said that Japan’s GDP fell to a seasonally adjusted -0.4 per cent, from -1.9 per cent in the preceding quarter whose figure was revised down from -1.8 per cent signaling weak growth in the economy which reduced the demand outlook for the metal. Zinc futures for November 2014 contract, at MCX, were trading at Rs 138.90 per kg, down by 0.36 per cent after opening at Rs. 139.60 against the previous closing price of Rs. 139.40. It touched the intra-day low of Rs. 138.60 till the trading. (At 3.30 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 2275 metric tonnes to 685175 metric tonnes as on November 17, 2014. Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
