Subdued physical demand dents Zinc
07/05/2015 09:43
Zinc futures plunged in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market.
Investors cast aside robust China data which signaled that services activity in the world’s biggest metals consumer, expanded at the sharpest clip in four months in April, signaling an economic rebound. The HSBC China Services PMI climbed to 52.9 in April from 52.3 in March, with a reading above 50 signaling expansion.
At the MCX, Zinc futures for May 2015 contract closed at Rs 151.5 per 1 kg, down by 1.24 per cent after opening at Rs 153.25, against the previous closing price of Rs 153.4. It touched the intra-day low of Rs 150.85 till the closing.
07/05/2015 09:43
Zinc futures plunged in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market.
Investors cast aside robust China data which signaled that services activity in the world’s biggest metals consumer, expanded at the sharpest clip in four months in April, signaling an economic rebound. The HSBC China Services PMI climbed to 52.9 in April from 52.3 in March, with a reading above 50 signaling expansion.
At the MCX, Zinc futures for May 2015 contract closed at Rs 151.5 per 1 kg, down by 1.24 per cent after opening at Rs 153.25, against the previous closing price of Rs 153.4. It touched the intra-day low of Rs 150.85 till the closing.
