Zinc drops on weak US housing data
26/11/2014 16:13
Zinc prices fell by 0.11 per cent on Wednesday at the domestic markets after the S&P/Case-Shiller home price index rose at the slowest pace in 23 months in September, dampening optimism over the housing sector which reduced the demand outlook for the metal. Standard & Poor’s with Case-Shiller said its house price index rose at an annualized rate of 4.9 per cent in September from a year earlier, above forecasts for a gain of 4.7 per cent and following a gain of 5.6 per cent in August. Zinc futures for November 2014 contract, at MCX, were trading at Rs 140.10 per kg, down by 0.11 per cent after opening at Rs. 140.15 against the previous closing price of Rs. 140.25. It touched the intra-day low of Rs. 139.50 till the trading. (At 4.00 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 3525 metric tonnes to 666350 metric tonnes as on November 26, 2014. Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
26/11/2014 16:13
Zinc prices fell by 0.11 per cent on Wednesday at the domestic markets after the S&P/Case-Shiller home price index rose at the slowest pace in 23 months in September, dampening optimism over the housing sector which reduced the demand outlook for the metal. Standard & Poor’s with Case-Shiller said its house price index rose at an annualized rate of 4.9 per cent in September from a year earlier, above forecasts for a gain of 4.7 per cent and following a gain of 5.6 per cent in August. Zinc futures for November 2014 contract, at MCX, were trading at Rs 140.10 per kg, down by 0.11 per cent after opening at Rs. 140.15 against the previous closing price of Rs. 140.25. It touched the intra-day low of Rs. 139.50 till the trading. (At 4.00 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 3525 metric tonnes to 666350 metric tonnes as on November 26, 2014. Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
