Zinc drops on sluggish US data
15/01/2015 15:54
Zinc prices fell by 0.43 per cent on Thursday at the domestic markets after U.S. retail sales recorded their largest decline in 11 months in December as demand fell almost across the board, tempering expectations for a sharp acceleration in consumer spending in the fourth quarter which reduced the demand outlook for the metal. The Commerce Department said retail sales fell 0.9 percent, the biggest decline since last January, after increasing 0.4 percent in November. Zinc futures for January 2015 contract, at MCX, were trading at Rs 125.95 per kg, down by 0.43 per cent after opening at Rs. 127.40 against the previous closing price of Rs. 126.50. It touched the intra-day low of Rs. 125.65 till the trading. (At 3.50 PM today). However, losses were curbed due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME zinc stocks fell by 3350 metric tonnes to 661375 metric tonnes as on Jan 15, 2015. Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
15/01/2015 15:54
Zinc prices fell by 0.43 per cent on Thursday at the domestic markets after U.S. retail sales recorded their largest decline in 11 months in December as demand fell almost across the board, tempering expectations for a sharp acceleration in consumer spending in the fourth quarter which reduced the demand outlook for the metal. The Commerce Department said retail sales fell 0.9 percent, the biggest decline since last January, after increasing 0.4 percent in November. Zinc futures for January 2015 contract, at MCX, were trading at Rs 125.95 per kg, down by 0.43 per cent after opening at Rs. 127.40 against the previous closing price of Rs. 126.50. It touched the intra-day low of Rs. 125.65 till the trading. (At 3.50 PM today). However, losses were curbed due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME zinc stocks fell by 3350 metric tonnes to 661375 metric tonnes as on Jan 15, 2015. Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
