Weak Euro area demand drags down Zinc
19/02/2015 09:40
Zinc futures closed lower in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market.
Further, construction output in the Euro area fell for a second month on the trot in December, signaling a fragile recovery in the 19-member economy, dimming the demand outlook for the base metal.
Euro area industrial output fell 0.8 per cent in December from the previous month, when it declined 0.5 per cent.
At the MCX, Zinc futures for February 2015 contract closed at Rs 129.45 per 1 kg, down by 3 per cent after opening at Rs 130.20, against the previous closing price of Rs 130.45. It touched the intra-day low of Rs 129.25 till the closing.
19/02/2015 09:40
Zinc futures closed lower in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market.
Further, construction output in the Euro area fell for a second month on the trot in December, signaling a fragile recovery in the 19-member economy, dimming the demand outlook for the base metal.
Euro area industrial output fell 0.8 per cent in December from the previous month, when it declined 0.5 per cent.
At the MCX, Zinc futures for February 2015 contract closed at Rs 129.45 per 1 kg, down by 3 per cent after opening at Rs 130.20, against the previous closing price of Rs 130.45. It touched the intra-day low of Rs 129.25 till the closing.
