Zinc dips on downbeat Japan data
23/04/2015 16:31
Zinc prices fell by 0.82 per cent on Thursday at the domestic markets after Japanese manufacturing activity contracted in April for the first time in almost a year as domestic orders and output fell, which could fuel concerns that the country's modest economic recovery is losing momentum which reduced the demand outlook for the metal. The Markit/JMMA flash Japan Manufacturing Purchasing Managers Index (PMI) fell to a seasonally adjusted 49.7 in April from a final 50.3 in March. Zinc futures for April 2015 contract, at MCX, were trading at Rs 139.70 per kg, down by 0.82 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 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 2875 metric tonnes to 483975 metric tonnes as on April 23, 2015.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany
23/04/2015 16:31
Zinc prices fell by 0.82 per cent on Thursday at the domestic markets after Japanese manufacturing activity contracted in April for the first time in almost a year as domestic orders and output fell, which could fuel concerns that the country's modest economic recovery is losing momentum which reduced the demand outlook for the metal. The Markit/JMMA flash Japan Manufacturing Purchasing Managers Index (PMI) fell to a seasonally adjusted 49.7 in April from a final 50.3 in March. Zinc futures for April 2015 contract, at MCX, were trading at Rs 139.70 per kg, down by 0.82 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 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 2875 metric tonnes to 483975 metric tonnes as on April 23, 2015.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany
