Zinc futures gain on strong demand prospects
08/05/2015 16:26
Zinc prices rose by 0.13 per cent on Friday at the domestic markets after Spanish industrial production rose more-than-expected last month signling improving sentiment in the region which raised the demand outlook for the metal. In a report, Instituto Nacional de Estadistica said that Spanish Industrial Production rose to 2.9 per cent, from 0.9 per cent in the preceding month whose figure was revised up from 0.6 per cent. Zinc futures for May 2015 contract, at MCX, were trading at Rs 153.05 per kg, up by 0.13 per cent after opening at Rs. 152.15 against the previous closing price of Rs. 152.85. It touched the intra-day high of Rs. 153.50 till the trading. (At 4.21 PM today).
Sentiment improved further 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 2500 metric tonnes to 459575 metric tonnes as on May 8, 2015.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany
08/05/2015 16:26
Zinc prices rose by 0.13 per cent on Friday at the domestic markets after Spanish industrial production rose more-than-expected last month signling improving sentiment in the region which raised the demand outlook for the metal. In a report, Instituto Nacional de Estadistica said that Spanish Industrial Production rose to 2.9 per cent, from 0.9 per cent in the preceding month whose figure was revised up from 0.6 per cent. Zinc futures for May 2015 contract, at MCX, were trading at Rs 153.05 per kg, up by 0.13 per cent after opening at Rs. 152.15 against the previous closing price of Rs. 152.85. It touched the intra-day high of Rs. 153.50 till the trading. (At 4.21 PM today).
Sentiment improved further 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 2500 metric tonnes to 459575 metric tonnes as on May 8, 2015.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany
