Weak China data hits Zinc
05/02/2015 09:26
Zinc futures closed lower in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal after services activity in China, the world’s biggest metals consumer, expanded at the slowest clip in six months in January 2015, darkening the demand outlook for zinc.
The gauge measuring China services fell to 51.8 in January from 53.4 in December, with a reading above 50 signaling expansion, HSBC said.
However, private sector output growth accelerated in the Euro area, signaling a recovery in the 19-member economy, lifting demand outlook for zinc, trimming losses in the base metal. A combined gauge measuring Euro area manufacturing and services rose to 52.6 in January from 51.4 in December.
At the MCX, Zinc futures for February 2015 contract closed at Rs 132.45 per 1 kg, down by 0.71 per cent after opening at Rs 133, against the previous closing price of Rs 133.4. It touched the intra-day low of Rs 132.1 till the closing
05/02/2015 09:26
Zinc futures closed lower in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal after services activity in China, the world’s biggest metals consumer, expanded at the slowest clip in six months in January 2015, darkening the demand outlook for zinc.
The gauge measuring China services fell to 51.8 in January from 53.4 in December, with a reading above 50 signaling expansion, HSBC said.
However, private sector output growth accelerated in the Euro area, signaling a recovery in the 19-member economy, lifting demand outlook for zinc, trimming losses in the base metal. A combined gauge measuring Euro area manufacturing and services rose to 52.6 in January from 51.4 in December.
At the MCX, Zinc futures for February 2015 contract closed at Rs 132.45 per 1 kg, down by 0.71 per cent after opening at Rs 133, against the previous closing price of Rs 133.4. It touched the intra-day low of Rs 132.1 till the closing
