Surging physical demand lifts Zinc
05/01/2015 09:21
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. However, the outlook for the base metal looks a tad pessimistic amidst a factory slump in China, the world’s biggest metals consumer. Manufacturing in China slid to an 18-month low in December, while that in the US expanded at the slowest pace in 6 months and neared stagnation in the 18-member Euro area. US construction spending fell 0.3 per cent in November, marking the first decline since June, signaling a subdued demand outlook for industrial metals. At the MCX, Zinc futures for January 2015 contract closed at Rs 139.35 per 1 kg, up by 1.16 per cent after opening at Rs 137.85, against the previous closing price of Rs 137.75. It touched the intra-day high of Rs 139.7 till the closing.
05/01/2015 09:21
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. However, the outlook for the base metal looks a tad pessimistic amidst a factory slump in China, the world’s biggest metals consumer. Manufacturing in China slid to an 18-month low in December, while that in the US expanded at the slowest pace in 6 months and neared stagnation in the 18-member Euro area. US construction spending fell 0.3 per cent in November, marking the first decline since June, signaling a subdued demand outlook for industrial metals. At the MCX, Zinc futures for January 2015 contract closed at Rs 139.35 per 1 kg, up by 1.16 per cent after opening at Rs 137.85, against the previous closing price of Rs 137.75. It touched the intra-day high of Rs 139.7 till the closing.
