Weak China demand outlook weighs on Zinc
27/01/2015 09:20
Zinc futures plunged in the domestic market on Friday as investors and speculators exited positions in the industrial metal as a second straight contraction in manufacturing activity in China, in January, signaled a bearish demand outlook for industrial metals. China is the world’s biggest metals consumer.
Further, US manufacturing activity slid to a 12-month low in January as new orders softened, adding to a gloomy demand outlook for the base metal.
Investors cast aside data which showed that Euro area private sector gauge rose to a five-month high of 52.2 in January from 51.4 in December.
At the MCX, Zinc futures for January 2015 contract closed at Rs 128.4 per 1 kg, down by 2.06 per cent after opening at Rs 131.1, against the previous closing price of Rs 131.1. It touched the intra-day low of Rs 128.25 till the closing.
27/01/2015 09:20
Zinc futures plunged in the domestic market on Friday as investors and speculators exited positions in the industrial metal as a second straight contraction in manufacturing activity in China, in January, signaled a bearish demand outlook for industrial metals. China is the world’s biggest metals consumer.
Further, US manufacturing activity slid to a 12-month low in January as new orders softened, adding to a gloomy demand outlook for the base metal.
Investors cast aside data which showed that Euro area private sector gauge rose to a five-month high of 52.2 in January from 51.4 in December.
At the MCX, Zinc futures for January 2015 contract closed at Rs 128.4 per 1 kg, down by 2.06 per cent after opening at Rs 131.1, against the previous closing price of Rs 131.1. It touched the intra-day low of Rs 128.25 till the closing.
