Weak Chinese manufacturing drags zinc future
16/12/2014 16:21
Zinc futures fell in the domestic market on Tuesday after manufacturing in China fell at the fastest pace in seven months in December, signaling weak demand outlook for base metal. According to HSBC, Chinese manufacturing activity fell to 49.5 in the month of December from 50 in the month of November, signaling a decline in manufacturing when compared with the previous month.
However, the losses remained limited after the stockpiles of the base metal declined at the London Metal Exchange (LME). LME zinc stocks fell by 1325 metric tonnes to 687450 metric tonnes as on December 16, 2014.
At the MCX, Zinc futures for December 2014 contract is trading at Rs. 136.80 per 1 kg, down by 1.19 per cent, after opening at Rs. 138, against the previous closing price of Rs. 138.45. It touched an intra-day low of Rs. 136.65. (At 04:19 PM).
16/12/2014 16:21
Zinc futures fell in the domestic market on Tuesday after manufacturing in China fell at the fastest pace in seven months in December, signaling weak demand outlook for base metal. According to HSBC, Chinese manufacturing activity fell to 49.5 in the month of December from 50 in the month of November, signaling a decline in manufacturing when compared with the previous month.
However, the losses remained limited after the stockpiles of the base metal declined at the London Metal Exchange (LME). LME zinc stocks fell by 1325 metric tonnes to 687450 metric tonnes as on December 16, 2014.
At the MCX, Zinc futures for December 2014 contract is trading at Rs. 136.80 per 1 kg, down by 1.19 per cent, after opening at Rs. 138, against the previous closing price of Rs. 138.45. It touched an intra-day low of Rs. 136.65. (At 04:19 PM).
