Weak China data drags down Zinc
19/12/2014 09:28
Zinc futures closed lower in the domestic market on Thursday as investors and speculators exited positions in the industrial metal after new home prices in China, the world’s biggest metals consumer fell for a third straight month, signaling a lingering property slowdown in the economy, clouding the demand outlook for industrial metals.
New home prices in China in November declined in 67 out of the 70 cities covered by a government survey.
Investors looked past robust German data which showed a rise in business confidence in Europe’s biggest economy. The gauge measuring German business confidence rose to 105.5 this month from 104.7 in November.
At the MCX, Zinc futures for December 2014 contract closed at Rs. 133.75 per 1 kg, down by 1.26 per cent, after opening at Rs. 135.25, against the previous closing price of Rs. 135.45. It touched an intra-day low of Rs 133.
19/12/2014 09:28
Zinc futures closed lower in the domestic market on Thursday as investors and speculators exited positions in the industrial metal after new home prices in China, the world’s biggest metals consumer fell for a third straight month, signaling a lingering property slowdown in the economy, clouding the demand outlook for industrial metals.
New home prices in China in November declined in 67 out of the 70 cities covered by a government survey.
Investors looked past robust German data which showed a rise in business confidence in Europe’s biggest economy. The gauge measuring German business confidence rose to 105.5 this month from 104.7 in November.
At the MCX, Zinc futures for December 2014 contract closed at Rs. 133.75 per 1 kg, down by 1.26 per cent, after opening at Rs. 135.25, against the previous closing price of Rs. 135.45. It touched an intra-day low of Rs 133.
