Robust physical demand lifts Zinc
19/01/2015 09:28
Zinc futures surged in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for zinc in the domestic spot market.
Prices also rose on bets of further monetary easing in China, which may help spur an economic revival in the world’s biggest metals consumer, lifting demand prospects for zinc. China’s central bank approved USD 8.1 billion of relending quotas to support the micro business and the agricultural industry while a government commission gave the nod to a plan to build urban rail networks in the Shandong province.
At the MCX, Zinc futures for January 2015 contract closed at Rs 129.20 per 1 kg, up by 1.89 per cent after opening at Rs 127, against the previous closing price of Rs 126.8. It touched the intra-day high of Rs 129.35 till the closing.
19/01/2015 09:28
Zinc futures surged in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for zinc in the domestic spot market.
Prices also rose on bets of further monetary easing in China, which may help spur an economic revival in the world’s biggest metals consumer, lifting demand prospects for zinc. China’s central bank approved USD 8.1 billion of relending quotas to support the micro business and the agricultural industry while a government commission gave the nod to a plan to build urban rail networks in the Shandong province.
At the MCX, Zinc futures for January 2015 contract closed at Rs 129.20 per 1 kg, up by 1.89 per cent after opening at Rs 127, against the previous closing price of Rs 126.8. It touched the intra-day high of Rs 129.35 till the closing.
