Downbeat US data drags down Zinc futures
17/12/2014 16:25
Zinc prices fell by 1.03 per cent on Wednesday at the domestic markets after US housing starts fell last month while manufacturing growth slowed in December, signaling a cooling recovery in the world’s biggest economy, dimming the demand outlook for the metal. Housing starts fell 1.6 per cent to a 1.03 million annualized rate in November 2014. The gauge measuring US manufacturing fell to 53.7 this month from 54.8 in November, with a reading above 50 signaling expansion. Zinc futures for December 2014 contract, at MCX, were trading at Rs 135.15 per kg, down by 1.03 per cent after opening at Rs. 136.75 against the previous closing price of Rs. 136.55. It touched the intra-day low of Rs. 135 till the trading. (At 4.15 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 2175 metric tonnes to 685275 metric tonnes as on December 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.
17/12/2014 16:25
Zinc prices fell by 1.03 per cent on Wednesday at the domestic markets after US housing starts fell last month while manufacturing growth slowed in December, signaling a cooling recovery in the world’s biggest economy, dimming the demand outlook for the metal. Housing starts fell 1.6 per cent to a 1.03 million annualized rate in November 2014. The gauge measuring US manufacturing fell to 53.7 this month from 54.8 in November, with a reading above 50 signaling expansion. Zinc futures for December 2014 contract, at MCX, were trading at Rs 135.15 per kg, down by 1.03 per cent after opening at Rs. 136.75 against the previous closing price of Rs. 136.55. It touched the intra-day low of Rs. 135 till the trading. (At 4.15 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 2175 metric tonnes to 685275 metric tonnes as on December 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.
