Stronger dollar, weak physical demand weigh on
Zinc
23/01/2015 09:31
Zinc futures ended lower in the domestic market on Thursday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market.
Further, a stronger dollar curbed the demand for zinc as an alternative asset. Stronger greenback makes the industrial metal more expensive for those holding other currencies, thus dimming demand.
However, an uptick in investor confidence in the 19-member Euro area this month signaled an improving demand outlook for industrial metals, trimming losses in zinc. The gauge measuring Euro area consumer confidence climbed to -8.5 in January from -11.5 in December, the EU said.
At the MCX, Zinc futures for January 2015 contract closed at Rs 131.10 per 1 kg, down by 0.27 per cent after opening at Rs 131.25, against the previous closing price of Rs 131.45. It touched the intra-day low of Rs 130.75 till the closing.
23/01/2015 09:31
Zinc futures ended lower in the domestic market on Thursday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market.
Further, a stronger dollar curbed the demand for zinc as an alternative asset. Stronger greenback makes the industrial metal more expensive for those holding other currencies, thus dimming demand.
However, an uptick in investor confidence in the 19-member Euro area this month signaled an improving demand outlook for industrial metals, trimming losses in zinc. The gauge measuring Euro area consumer confidence climbed to -8.5 in January from -11.5 in December, the EU said.
At the MCX, Zinc futures for January 2015 contract closed at Rs 131.10 per 1 kg, down by 0.27 per cent after opening at Rs 131.25, against the previous closing price of Rs 131.45. It touched the intra-day low of Rs 130.75 till the closing.
