Upbeat China, German data lifts Zinc
21/01/2015 09:19
Zinc futures surged in the domestic market on Tuesday as investors and speculators booked fresh positions in the industrial metal after China’s Q4 GDP and December industrial output data, which topped analysts’ estimates, signaled a recovery in the world’s second biggest economy, lifting the demand outlook for zinc. Gross Domestic Product (GDP) expanded by 7.3 per cent in the fourth quarter of 2014 from the same period a year ago, above analysts’ estimates of a 7.2 per cent advance. Chinese industrial output climbed 7.9 per cent in December 2014 from the year ago month, accelerating from an annual gain of 7.2 per cent in November 2014 and above the 7.4 per cent advance estimated by analysts. German investor sentiment rose for the third straight month in January 2015, rising to the highest level in eleven months, signaling a pickup in Europe’s biggest economy, lifting the demand outlook for industrial metals. The gauge measuring German investor confidence rose by 13.5 points to 48.4 in January. At the MCX, Zinc futures for January 2015 contract closed at Rs 130.25 per 1 kg, up by 1.76 per cent after opening at Rs 128.45, against the previous closing price of Rs 128. It touched the intra-day high of Rs 130.40 till the closing.
21/01/2015 09:19
Zinc futures surged in the domestic market on Tuesday as investors and speculators booked fresh positions in the industrial metal after China’s Q4 GDP and December industrial output data, which topped analysts’ estimates, signaled a recovery in the world’s second biggest economy, lifting the demand outlook for zinc. Gross Domestic Product (GDP) expanded by 7.3 per cent in the fourth quarter of 2014 from the same period a year ago, above analysts’ estimates of a 7.2 per cent advance. Chinese industrial output climbed 7.9 per cent in December 2014 from the year ago month, accelerating from an annual gain of 7.2 per cent in November 2014 and above the 7.4 per cent advance estimated by analysts. German investor sentiment rose for the third straight month in January 2015, rising to the highest level in eleven months, signaling a pickup in Europe’s biggest economy, lifting the demand outlook for industrial metals. The gauge measuring German investor confidence rose by 13.5 points to 48.4 in January. At the MCX, Zinc futures for January 2015 contract closed at Rs 130.25 per 1 kg, up by 1.76 per cent after opening at Rs 128.45, against the previous closing price of Rs 128. It touched the intra-day high of Rs 130.40 till the closing.
