Zinc drops on sluggish Japan data
30/03/2015 15:51
Zinc prices fell by 0.12 per cent on Monday at the domestic markets after Industrial production in Japan fell more-than-expected last month signaling weak sentiment in the region which reduced the demand outlook for the metal. In a report, the Ministry of Economy, Trade and Industry said that industrial production fell to a seasonally adjusted -3.4 per cent, from 3.7 per cent in the preceding month. Zinc futures for March 2015 contract, at MCX, were trading at Rs 130.05 per kg, down by 0.12 per cent after opening at Rs. 129.90 against the previous closing price of Rs. 130.20. It touched the intra-day low of Rs. 129.40 till the trading. (At 3.35 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 2525 metric tonnes to 518275 metric tonnes as on March 27, 2015.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
