Weak physical demand, stronger dollar hits Zinc
01/12/2014 09:27
Zinc futures ended lower in the domestic market on Friday as investors and speculators exited positions in the industrial metal amid soft physical demand for the industrial metal in the domestic spot market. Further, stronger dollar curbed the demand for zinc as an alternative asset. Stronger greenback makes zinc more expensive for those holding other currencies, thus dimming demand. An uncertain global demand outlook amid a lingering slowdown in China, stagnation in Europe and a recession in Japan has darkened the prospects for the industrial metal. At the MCX, Zinc futures for November 2014 contract closed at Rs. 138 per 1 kg, down by 1.18 per cent, after opening at Rs. 139.45, against the previous closing price of Rs. 139.65. It touched an intra-day low of Rs 137.10.
01/12/2014 09:27
Zinc futures ended lower in the domestic market on Friday as investors and speculators exited positions in the industrial metal amid soft physical demand for the industrial metal in the domestic spot market. Further, stronger dollar curbed the demand for zinc as an alternative asset. Stronger greenback makes zinc more expensive for those holding other currencies, thus dimming demand. An uncertain global demand outlook amid a lingering slowdown in China, stagnation in Europe and a recession in Japan has darkened the prospects for the industrial metal. At the MCX, Zinc futures for November 2014 contract closed at Rs. 138 per 1 kg, down by 1.18 per cent, after opening at Rs. 139.45, against the previous closing price of Rs. 139.65. It touched an intra-day low of Rs 137.10.
