Weak China data weighs on Zinc
09/12/2014 09:39
Zinc futures ended lower in the domestic market on Monday as investors and speculators exited positions in the industrial metal tracking a bearish trend in the overseas market as China’s exports rose less than estimated last month while imports fell, signaling a deepening economic slowdown in the world’s biggest metals consumer, darkening the demand outlook for the base metal. China’s overseas shipments rose by 4.7 per cent in November 2014 from the same month a year ago, missing the 8 per cent growth expected by analysts while imports fell 6.7 per cent. Investors looked past robust Euro area data which showed a rise in German industrial production last month and a surge in Euro area investor confidence to a fourth-month high in December, easing concerns over the health of the 18-member economy. German industrial output rose 0.2 per cent in October from September, the second straight month of gains while the gauge measuring Euro area investor confidence climbed to -2.5 this month from -11.9 in November. At the MCX, Zinc futures for December 2014 contract closed at Rs. 137.20 per 1 kg, down by 1.08 per cent, after opening at Rs. 138.35, against the previous closing price of Rs. 138.70. It touched an intra-day low of Rs 137.10.
09/12/2014 09:39
Zinc futures ended lower in the domestic market on Monday as investors and speculators exited positions in the industrial metal tracking a bearish trend in the overseas market as China’s exports rose less than estimated last month while imports fell, signaling a deepening economic slowdown in the world’s biggest metals consumer, darkening the demand outlook for the base metal. China’s overseas shipments rose by 4.7 per cent in November 2014 from the same month a year ago, missing the 8 per cent growth expected by analysts while imports fell 6.7 per cent. Investors looked past robust Euro area data which showed a rise in German industrial production last month and a surge in Euro area investor confidence to a fourth-month high in December, easing concerns over the health of the 18-member economy. German industrial output rose 0.2 per cent in October from September, the second straight month of gains while the gauge measuring Euro area investor confidence climbed to -2.5 this month from -11.9 in November. At the MCX, Zinc futures for December 2014 contract closed at Rs. 137.20 per 1 kg, down by 1.08 per cent, after opening at Rs. 138.35, against the previous closing price of Rs. 138.70. It touched an intra-day low of Rs 137.10.
