Zinc dips on sluggish buying activity
02/12/2014 16:30
Zinc prices fell by 1.22 per cent on Tuesday at the domestic markets as ongoing concerns over the health of China's economy weighed. A pair of reports on Chinese November factory activity released Monday provided more evidence of a slowdown in the world's second largest economy. China's manufacturing purchasing managers' index slipped to an eight-month low of 50.3 in November while China HSBC final manufacturing PMI hit a six-month low of 50.0 last month, unchanged from a preliminary estimate and down from 50.4 the previous month. Zinc futures for December 2014 contract, at MCX, were trading at Rs 137.25 per kg, down by 1.22 per cent after opening at Rs. 138.40 against the previous closing price of Rs. 138.95. It touched the intra-day low of Rs. 137.10 till the trading. (At 4.20 PM today).
However, losses were limited due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME zinc stocks fell by 2375 metric tonnes to 670625 metric tonnes as on December 2, 2014.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
02/12/2014 16:30
Zinc prices fell by 1.22 per cent on Tuesday at the domestic markets as ongoing concerns over the health of China's economy weighed. A pair of reports on Chinese November factory activity released Monday provided more evidence of a slowdown in the world's second largest economy. China's manufacturing purchasing managers' index slipped to an eight-month low of 50.3 in November while China HSBC final manufacturing PMI hit a six-month low of 50.0 last month, unchanged from a preliminary estimate and down from 50.4 the previous month. Zinc futures for December 2014 contract, at MCX, were trading at Rs 137.25 per kg, down by 1.22 per cent after opening at Rs. 138.40 against the previous closing price of Rs. 138.95. It touched the intra-day low of Rs. 137.10 till the trading. (At 4.20 PM today).
However, losses were limited due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME zinc stocks fell by 2375 metric tonnes to 670625 metric tonnes as on December 2, 2014.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
