Robust China outlook lifts Zinc
05/03/2015 09:44
Zinc futures closed higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal after services activity in China expanded at a quicker pace in February, signaling a pickup in the world’s biggest economy, lifting the demand outlook for industrial metals.
The China services gauge climbed to 52 in February from 51.8 in January, with a reading above 50 signaling expansion.
Moreover, a combined gauge measuring Euro area manufacturing and services rose to a seven-month high of 53.3 in February from 52.6 in January, signaling strong momentum in the 19-member economy, supporting zinc.
At the MCX, Zinc futures for March 2015 contract closed at Rs 126.60 per 1 kg, up by 0.80 per cent after opening at Rs 125.75, against the previous closing price of Rs 125.60. It touched the intra-day high of Rs 127.15 till the closing.
05/03/2015 09:44
Zinc futures closed higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal after services activity in China expanded at a quicker pace in February, signaling a pickup in the world’s biggest economy, lifting the demand outlook for industrial metals.
The China services gauge climbed to 52 in February from 51.8 in January, with a reading above 50 signaling expansion.
Moreover, a combined gauge measuring Euro area manufacturing and services rose to a seven-month high of 53.3 in February from 52.6 in January, signaling strong momentum in the 19-member economy, supporting zinc.
At the MCX, Zinc futures for March 2015 contract closed at Rs 126.60 per 1 kg, up by 0.80 per cent after opening at Rs 125.75, against the previous closing price of Rs 125.60. It touched the intra-day high of Rs 127.15 till the closing.
