Weak China demand outlook weighs on Zinc
24/04/2015 08:59
Zinc futures ended tad lower in the domestic market on Thursday amid subdued physical demand for the industrial metal in the domestic spot market, while the fastest contraction in manufacturing in China, the world’s biggest metals consumer, in a year this month, signaled a worsening economic slowdown that threatens to curb demand.
The gauge measuring China manufacturing fell to 49.2 in April from 49.6 in March, with a reading below 50 signaling contraction. Meanwhile, a Euro area private sector output gauge fell to a two-month low of 53.5 in April from 54 in March, signaling a cooling recovery in the 19-member economy that may curb demand for industrial metals.
At the MCX, Zinc futures for April 2015 contract closed at Rs 140.75 per 1 kg, down by 0.07 per cent after opening at Rs 140.75, against the previous closing price of Rs 140.85. It touched the intra-day low of Rs 139.55 till the closing.
24/04/2015 08:59
Zinc futures ended tad lower in the domestic market on Thursday amid subdued physical demand for the industrial metal in the domestic spot market, while the fastest contraction in manufacturing in China, the world’s biggest metals consumer, in a year this month, signaled a worsening economic slowdown that threatens to curb demand.
The gauge measuring China manufacturing fell to 49.2 in April from 49.6 in March, with a reading below 50 signaling contraction. Meanwhile, a Euro area private sector output gauge fell to a two-month low of 53.5 in April from 54 in March, signaling a cooling recovery in the 19-member economy that may curb demand for industrial metals.
At the MCX, Zinc futures for April 2015 contract closed at Rs 140.75 per 1 kg, down by 0.07 per cent after opening at Rs 140.75, against the previous closing price of Rs 140.85. It touched the intra-day low of Rs 139.55 till the closing.
