Weak China demand outlook hits Zinc
14/01/2015 09:37
Zinc futures slumped in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal after China’s imports fell last month, signaling a demand slump in the world’s biggest metals consumer, clouding the prospects for zinc.
China’s imports slumped 2.4 per cent in December 2014 from the same month a year ago even as exports rose an annual 9.7 per cent.
Further, German producer prices fell 1 per cent in December 2014, month on month, raising fears of deflation in Europe’s biggest economy, dimming the demand outlook for the base metal.
At the MCX, Zinc futures for January 2015 contract closed at Rs 129 per 1 kg, down by 2.53 per cent after opening at Rs 132.40, against the previous closing price of Rs 132.35. It touched the intra-day low of Rs 128.80 till the closing.
14/01/2015 09:37
Zinc futures slumped in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal after China’s imports fell last month, signaling a demand slump in the world’s biggest metals consumer, clouding the prospects for zinc.
China’s imports slumped 2.4 per cent in December 2014 from the same month a year ago even as exports rose an annual 9.7 per cent.
Further, German producer prices fell 1 per cent in December 2014, month on month, raising fears of deflation in Europe’s biggest economy, dimming the demand outlook for the base metal.
At the MCX, Zinc futures for January 2015 contract closed at Rs 129 per 1 kg, down by 2.53 per cent after opening at Rs 132.40, against the previous closing price of Rs 132.35. It touched the intra-day low of Rs 128.80 till the closing.
