Weak China factory data weighs on Zinc
03/02/2015 09:30
Zinc futures fell in the domestic and overseas market on Monday as investors and speculators exited positions in the industrial metal after the first contraction in Chinese manufacturing in more than two years last month signaled bearish demand prospects for the metal.
The official China manufacturing PMI fell to 49.8 in January from 50.1 in December, with a reading below 50 signaling contraction.
However, acceleration in Euro area manufacturing last month signaled an improved demand outlook in the 19-member economy, trimming losses in the industrial metal. The gauge measuring Euro area manufacturing rose to 51 in January from 50.6 in December.
At the MCX, Zinc futures for February 2015 contract closed at Rs 131.45 per 1 kg, down by 0.38 per cent after opening at Rs 131.7, against the previous closing price of Rs 131.95. It touched the intra-day low of Rs 130.9 till the closing.
03/02/2015 09:30
Zinc futures fell in the domestic and overseas market on Monday as investors and speculators exited positions in the industrial metal after the first contraction in Chinese manufacturing in more than two years last month signaled bearish demand prospects for the metal.
The official China manufacturing PMI fell to 49.8 in January from 50.1 in December, with a reading below 50 signaling contraction.
However, acceleration in Euro area manufacturing last month signaled an improved demand outlook in the 19-member economy, trimming losses in the industrial metal. The gauge measuring Euro area manufacturing rose to 51 in January from 50.6 in December.
At the MCX, Zinc futures for February 2015 contract closed at Rs 131.45 per 1 kg, down by 0.38 per cent after opening at Rs 131.7, against the previous closing price of Rs 131.95. It touched the intra-day low of Rs 130.9 till the closing.
