Upbeat China demand outlook lifts Zinc
futures
30/12/2014 16:33
Zinc prices rose by 0.44 per cent on Tuesday at the domestic markets as signs of further slowing in China increase prospects of stimulus to spur economic growth in the biggest metals consumer. Moreover, speculators covered-up their short positions in the midst of a firm global trend and better domestic demand. Zinc futures for December 2014 contract, at MCX, were trading at Rs 136.60 per kg, up by 0.44 per cent after opening at Rs. 136.60 against the previous closing price of Rs. 136. It touched the intra-day high of Rs. 136.90 till the trading. (At 4.15 PM today).
However, gains were curbed 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 1500 metric tonnes to 694900 metric tonnes as on December 30, 2014.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
30/12/2014 16:33
Zinc prices rose by 0.44 per cent on Tuesday at the domestic markets as signs of further slowing in China increase prospects of stimulus to spur economic growth in the biggest metals consumer. Moreover, speculators covered-up their short positions in the midst of a firm global trend and better domestic demand. Zinc futures for December 2014 contract, at MCX, were trading at Rs 136.60 per kg, up by 0.44 per cent after opening at Rs. 136.60 against the previous closing price of Rs. 136. It touched the intra-day high of Rs. 136.90 till the trading. (At 4.15 PM today).
However, gains were curbed 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 1500 metric tonnes to 694900 metric tonnes as on December 30, 2014.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
