Zinc gains on diminishing stocks
27/03/2015 16:10
Zinc prices fell by 0.88 per cent on Friday at the domestic markets after Japanese retail sales rose less-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 retail sales rose to a seasonally adjusted annual rate of -1.8 per cent, from -2.0 per cent in the preceding month. Zinc futures for March 2015 contract, at MCX, were trading at Rs 129.75 per kg, down by 0.88 per cent after opening at Rs. 130.10 against the previous closing price of Rs. 130.90. It touched the intra-day low of Rs. 129 till the trading. (At 4.10 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 1850 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.
27/03/2015 16:10
Zinc prices fell by 0.88 per cent on Friday at the domestic markets after Japanese retail sales rose less-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 retail sales rose to a seasonally adjusted annual rate of -1.8 per cent, from -2.0 per cent in the preceding month. Zinc futures for March 2015 contract, at MCX, were trading at Rs 129.75 per kg, down by 0.88 per cent after opening at Rs. 130.10 against the previous closing price of Rs. 130.90. It touched the intra-day low of Rs. 129 till the trading. (At 4.10 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 1850 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.
