Upbeat US demand outlook lifts Zinc
28/01/2015 09:32
Zinc futures surged in the domestic market on Tuesday as investors and speculators booked fresh positions in the industrial metal amid firm physical demand for zinc in the domestic spot market.
Further, a gauge of US consumer confidence rose to the highest level in more than seven years in January 2015 while sales of new homes surged to the highest in six years in December 2014 while services rose at an accelerated pace this month, signaling a pickup in the world’s biggest economy, lifting the demand outlook for the industrial metal.
Investors cast aside weak China data which showed an 8 per cent annual drop in industrial profits in December 2014, signaling a worsening economic slowdown in the world’s biggest metals consumer.
At the MCX, Zinc futures for January 2015 contract closed at Rs 129.7 per 1 kg, up by 1.01 per cent after opening at Rs 130.05, against the previous closing price of Rs 128.4. It touched the intra-day high of Rs 131.6 till the closing.
28/01/2015 09:32
Zinc futures surged in the domestic market on Tuesday as investors and speculators booked fresh positions in the industrial metal amid firm physical demand for zinc in the domestic spot market.
Further, a gauge of US consumer confidence rose to the highest level in more than seven years in January 2015 while sales of new homes surged to the highest in six years in December 2014 while services rose at an accelerated pace this month, signaling a pickup in the world’s biggest economy, lifting the demand outlook for the industrial metal.
Investors cast aside weak China data which showed an 8 per cent annual drop in industrial profits in December 2014, signaling a worsening economic slowdown in the world’s biggest metals consumer.
At the MCX, Zinc futures for January 2015 contract closed at Rs 129.7 per 1 kg, up by 1.01 per cent after opening at Rs 130.05, against the previous closing price of Rs 128.4. It touched the intra-day high of Rs 131.6 till the closing.
