Zinc drops on sluggish German data
02/02/2015 15:16
Zinc prices fell by 0.68 per cent on Monday at the domestic markets after Germany’s manufacturing PMI fell unexpectedly last month signaling weak manufacturing activity in the region which reduced the demand outlook for the metal. In a report, Markit Economics said that German manufacturing PMI fell to a seasonally adjusted 50.9, from 51.0 in the preceding month. Zinc futures for February 2015contract, at MCX, were trading at Rs 131.05 per kg, down by 0.68 per cent after opening at Rs. 131.70 against the previous closing price of Rs. 131.95. It touched the intra-day high of Rs. 130.95 till the trading. (At 3.30 PM today).
However, losses were limited due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME zinc stocks fell by 2675 metric tonnes to 628075 metric tonnes as on February 2, 2015.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
02/02/2015 15:16
Zinc prices fell by 0.68 per cent on Monday at the domestic markets after Germany’s manufacturing PMI fell unexpectedly last month signaling weak manufacturing activity in the region which reduced the demand outlook for the metal. In a report, Markit Economics said that German manufacturing PMI fell to a seasonally adjusted 50.9, from 51.0 in the preceding month. Zinc futures for February 2015contract, at MCX, were trading at Rs 131.05 per kg, down by 0.68 per cent after opening at Rs. 131.70 against the previous closing price of Rs. 131.95. It touched the intra-day high of Rs. 130.95 till the trading. (At 3.30 PM today).
However, losses were limited due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME zinc stocks fell by 2675 metric tonnes to 628075 metric tonnes as on February 2, 2015.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
