Zinc rises on bullish demand outlook
27/11/2014 15:57
Zinc prices rose by 0.29 per cent on Thursday at the domestic markets after the organization for Economic Co-operation and Development said that Italian Business Confidence rose to a seasonally adjusted 96.3, from 96.1 in the preceding month whose figure was revised up from 96.0 signaling improving sentiment in the region which raised the demand for the metal. Zinc futures for November 2014 contract, at MCX, were trading at Rs 140.70 per kg, up by 0.29 per cent after opening at Rs. 140.35 against the previous closing price of Rs. 140.30. It touched the intra-day high of Rs. 141.25 till the trading. (At 3.45 PM today).
However, gains were limited due to the surge in the zinc stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME zinc stocks rose by 2725 metric tonnes to 669075 metric tonnes as on November 27, 2014.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
27/11/2014 15:57
Zinc prices rose by 0.29 per cent on Thursday at the domestic markets after the organization for Economic Co-operation and Development said that Italian Business Confidence rose to a seasonally adjusted 96.3, from 96.1 in the preceding month whose figure was revised up from 96.0 signaling improving sentiment in the region which raised the demand for the metal. Zinc futures for November 2014 contract, at MCX, were trading at Rs 140.70 per kg, up by 0.29 per cent after opening at Rs. 140.35 against the previous closing price of Rs. 140.30. It touched the intra-day high of Rs. 141.25 till the trading. (At 3.45 PM today).
However, gains were limited due to the surge in the zinc stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME zinc stocks rose by 2725 metric tonnes to 669075 metric tonnes as on November 27, 2014.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
