Mixed US data weighs on Zinc
24/08/2016 13:06
Zinc futures fell during noon trade 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.
Further, mixed US economic data cast doubts over the demand outlook from the US as manufacturing growth softened but home sales rose. US new home sales rose 12.4 per cent to a 654,000 annualized pace in July, the highest level in nearly nine years. A gauge of US manufacturing fell to 52.1 in August from July’s 52.9, but remained above the neutral 50-mark, Markit said.
At the MCX, zinc futures for August 2016 contract is trading at Rs 154.45 per kg, down by 0.19 per cent, after opening at Rs 154.50, against a previous close of Rs 154.75. It touched the intra-day low of Rs 154.05 (at 13:02 PM).
24/08/2016 13:06
Further, mixed US economic data cast doubts over the demand outlook from the US as manufacturing growth softened but home sales rose. US new home sales rose 12.4 per cent to a 654,000 annualized pace in July, the highest level in nearly nine years. A gauge of US manufacturing fell to 52.1 in August from July’s 52.9, but remained above the neutral 50-mark, Markit said.
At the MCX, zinc futures for August 2016 contract is trading at Rs 154.45 per kg, down by 0.19 per cent, after opening at Rs 154.50, against a previous close of Rs 154.75. It touched the intra-day low of Rs 154.05 (at 13:02 PM).
