China weakness pushes Zinc into bear market
14/11/2014 09:31
Zinc futures tumbled in the domestic market on Thursday as investors and speculators exited positions in the industrial metal as weak industrial output, fixed asset investment and retail sales data for October signaled a deepening slowdown in the world’s second biggest economy, darkening the demand outlook for zinc. China’s year on year industrial output growth slowed to 7.7 per cent in October 2014 from 8 per cent in September 2014, while fixed-asset investment expanded at the weakest pace since 2001, up 15.9 per cent in January-October 2014 year on year, down from a 16.1 per cent rise in the first nine months of the year. Retail sales rose by 11.5 per cent in October 2014, year on year, down from an 11.6 per cent gain in September 2014. ECB forecasters cut the growth estimate for the Euro area economy to 0.8 per cent in 2014 from 1 per cent earlier. At the MCX, Zinc futures for November 2014 contract closed at Rs. 137.90 per 1 kg, down by 1.43 per cent, after opening at Rs. 139.75, against the previous closing price of Rs. 139.90. It touched an intra-day low of Rs 137.70.
14/11/2014 09:31
Zinc futures tumbled in the domestic market on Thursday as investors and speculators exited positions in the industrial metal as weak industrial output, fixed asset investment and retail sales data for October signaled a deepening slowdown in the world’s second biggest economy, darkening the demand outlook for zinc. China’s year on year industrial output growth slowed to 7.7 per cent in October 2014 from 8 per cent in September 2014, while fixed-asset investment expanded at the weakest pace since 2001, up 15.9 per cent in January-October 2014 year on year, down from a 16.1 per cent rise in the first nine months of the year. Retail sales rose by 11.5 per cent in October 2014, year on year, down from an 11.6 per cent gain in September 2014. ECB forecasters cut the growth estimate for the Euro area economy to 0.8 per cent in 2014 from 1 per cent earlier. At the MCX, Zinc futures for November 2014 contract closed at Rs. 137.90 per 1 kg, down by 1.43 per cent, after opening at Rs. 139.75, against the previous closing price of Rs. 139.90. It touched an intra-day low of Rs 137.70.
