Zinc drops on downbeat demand
04/02/2015 16:35
Zinc prices fell by 0.71 per cent on Wednesday at the domestic markets after French service sector activity fell unexpectedly last month signaling weak sentiment in the region which reduced the demand outlook for the metal. In a report, Markit Economics said that French Services PMI fell to a seasonally adjusted 49.4, from 49.5 in the preceding month. Zinc futures for February 2015 contract, at MCX, were trading at Rs 132.45 per kg, down by 0.71 per cent after opening at Rs. 133 against the previous closing price of Rs. 133.40. It touched the intra-day low of Rs. 132.20 till the trading. (At 4.00 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 2775 metric tonnes to 622450 metric tonnes as on February 4, 2015.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
04/02/2015 16:35
Zinc prices fell by 0.71 per cent on Wednesday at the domestic markets after French service sector activity fell unexpectedly last month signaling weak sentiment in the region which reduced the demand outlook for the metal. In a report, Markit Economics said that French Services PMI fell to a seasonally adjusted 49.4, from 49.5 in the preceding month. Zinc futures for February 2015 contract, at MCX, were trading at Rs 132.45 per kg, down by 0.71 per cent after opening at Rs. 133 against the previous closing price of Rs. 133.40. It touched the intra-day low of Rs. 132.20 till the trading. (At 4.00 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 2775 metric tonnes to 622450 metric tonnes as on February 4, 2015.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
