Zinc drops after World Bank cut its growth forecast
14/01/2015 16:25
Zinc prices fell by 2.40 per cent on Wednesday at the domestic markets after the World Bank cut its growth forecast for the global economy in 2015 to 3 per cent from 3.4 per cent estimated earlier amid a slowdown in Europe and China, dimming the demand outlook for the metal. China’s economic growth forecast for 2015 was slashed to 7.1 per cent from 7.2 per cent earlier, bur that of US was raised to 3.2 per cent from 3 per cent. Zinc futures for January 2015 contract, at MCX, were trading at Rs 125.90 per kg, down by 2.40 per cent after opening at Rs. 128.50 against the previous closing price of Rs. 129. It touched the intra-day low of Rs. 124.45 till the trading. (At 3.45 PM today).
However, losses were curbed due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME zinc stocks fell by 2975 metric tonnes to 664725 metric tonnes as on January 14, 2015
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
14/01/2015 16:25
Zinc prices fell by 2.40 per cent on Wednesday at the domestic markets after the World Bank cut its growth forecast for the global economy in 2015 to 3 per cent from 3.4 per cent estimated earlier amid a slowdown in Europe and China, dimming the demand outlook for the metal. China’s economic growth forecast for 2015 was slashed to 7.1 per cent from 7.2 per cent earlier, bur that of US was raised to 3.2 per cent from 3 per cent. Zinc futures for January 2015 contract, at MCX, were trading at Rs 125.90 per kg, down by 2.40 per cent after opening at Rs. 128.50 against the previous closing price of Rs. 129. It touched the intra-day low of Rs. 124.45 till the trading. (At 3.45 PM today).
However, losses were curbed due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME zinc stocks fell by 2975 metric tonnes to 664725 metric tonnes as on January 14, 2015
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
