Weak physical demand weighs on Zinc
26/12/2014 09:53
Zinc futures ended lower in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid tepid physical demand for zinc in the domestic spot market.
With the year drawing to a close, investors are refraining from undertaking major positions in base metals as they eye further policy easing measures from China, the world’s biggest metals consumer, to spur economic growth, following a surprise rate cut in November. A currency crisis in Russia, stagnation in Europe and a Japanese recession has further clouded the demand outlook for zinc.
At the MCX, Zinc futures for December 2014 contract closed at Rs 137.30 per 1 kg, down by 0.11 per cent after opening at Rs 137.55, against the previous closing price of Rs 137.45. It touched the intra-day low of Rs 136.85 till the closing.
26/12/2014 09:53
Zinc futures ended lower in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid tepid physical demand for zinc in the domestic spot market.
With the year drawing to a close, investors are refraining from undertaking major positions in base metals as they eye further policy easing measures from China, the world’s biggest metals consumer, to spur economic growth, following a surprise rate cut in November. A currency crisis in Russia, stagnation in Europe and a Japanese recession has further clouded the demand outlook for zinc.
At the MCX, Zinc futures for December 2014 contract closed at Rs 137.30 per 1 kg, down by 0.11 per cent after opening at Rs 137.55, against the previous closing price of Rs 137.45. It touched the intra-day low of Rs 136.85 till the closing.
