Zinc drops on weak euro area data
03/12/2014 16:34
Zinc prices fell by 0.07 per cent on Wednesday at the domestic markets after markit said that Euro Zone Services PMI fell to 51.1, from 51.3 in the preceding quarter signaling weak sentiment in the region which reduced the demand outlook for the metal. Zinc futures for December 2014 contract, at MCX, were trading at Rs 136.55 per kg, down by 0.07 per cent after opening at Rs. 137.25 against the previous closing price of Rs. 136.65. It touched the intra-day low of Rs. 136.45 till the trading. (At 4.15 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 3, 2014.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
03/12/2014 16:34
Zinc prices fell by 0.07 per cent on Wednesday at the domestic markets after markit said that Euro Zone Services PMI fell to 51.1, from 51.3 in the preceding quarter signaling weak sentiment in the region which reduced the demand outlook for the metal. Zinc futures for December 2014 contract, at MCX, were trading at Rs 136.55 per kg, down by 0.07 per cent after opening at Rs. 137.25 against the previous closing price of Rs. 136.65. It touched the intra-day low of Rs. 136.45 till the trading. (At 4.15 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 3, 2014.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
