Weak China data weighs on Zinc
17/12/2014 09:30
Zinc futures ended lower in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal as manufacturing in China, the world’s biggest metals consumer shrank in December, signaled a bleak demand outlook for industrial metals.
HSBC said that its China manufacturing gauge fell to 49.5 in December from a no-change mark of 50 in the previous month, signaling contraction in manufacturing over the previous month.
Investors cast aside robust Euro area data which showed that private sector output growth accelerated this month, easing concerns over stagnation in the 18-member economy. A combined gauge measuring Euro area manufacturing and services rose to 51.7 in December from 51.1 in November.
At the MCX, Zinc futures for December 2014 contract closed at Rs. 136.55 per 1 kg, down by 1.37 per cent, after opening at Rs. 138, against the previous closing price of Rs. 138.45. It touched an intra-day low of Rs 136.30.
17/12/2014 09:30
Zinc futures ended lower in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal as manufacturing in China, the world’s biggest metals consumer shrank in December, signaled a bleak demand outlook for industrial metals.
HSBC said that its China manufacturing gauge fell to 49.5 in December from a no-change mark of 50 in the previous month, signaling contraction in manufacturing over the previous month.
Investors cast aside robust Euro area data which showed that private sector output growth accelerated this month, easing concerns over stagnation in the 18-member economy. A combined gauge measuring Euro area manufacturing and services rose to 51.7 in December from 51.1 in November.
At the MCX, Zinc futures for December 2014 contract closed at Rs. 136.55 per 1 kg, down by 1.37 per cent, after opening at Rs. 138, against the previous closing price of Rs. 138.45. It touched an intra-day low of Rs 136.30.
