Zinc in reverse gear on US factory woes
26/09/2016 14:20
Zinc futures tumbled by more than 1 per cent during noon trade in the domestic market on Monday as investors and speculators exit positions in the industrial metal amid soft physical demand for zinc in the domestic spot market. Further, a slowdown in US manufacturing raised concerns over the health of the world’s biggest economy, dimming the demand outlook for metals. A gauge measuring US manufacturing fell to 51.4 in September compared to 52 in August, with a reading above 50 signaling expansion. At the MCX, zinc futures for September 2016 contract is trading at Rs 149.7 per kg, down by 1.16 per cent, after opening at Rs 151.05, against a previous close of Rs 151.45. It touched the intra-day low of Rs 149.45 (at 14:19 PM).
26/09/2016 14:20
