Zinc falls on sluggish demand outlook
21/01/2015 16:35
Zinc prices fell by 1.23 per cent on Wednesday at the domestic markets after NAHB said that its Housing Market Index decreased to 57.0 this month from 58.0 in December. Analysts expected the index to hold steady at 58.0 in January signaling weak housing market in the region which reduced the demand outlook for the metal. Zinc futures for January 2015 contract, at MCX, were trading at Rs 128.65 per kg, down by 1.23 per cent after opening at Rs. 129.85 against the previous closing price of Rs. 130.25. It touched the intra-day low of Rs. 128.65 till the trading. (At 4.05 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 100 metric tonnes to 657425 metric tonnes as on January 21, 2015.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
21/01/2015 16:35
Zinc prices fell by 1.23 per cent on Wednesday at the domestic markets after NAHB said that its Housing Market Index decreased to 57.0 this month from 58.0 in December. Analysts expected the index to hold steady at 58.0 in January signaling weak housing market in the region which reduced the demand outlook for the metal. Zinc futures for January 2015 contract, at MCX, were trading at Rs 128.65 per kg, down by 1.23 per cent after opening at Rs. 129.85 against the previous closing price of Rs. 130.25. It touched the intra-day low of Rs. 128.65 till the trading. (At 4.05 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 100 metric tonnes to 657425 metric tonnes as on January 21, 2015.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
