Strong US data lifts Zinc futures
12/11/2014 16:36
Zinc prices rose by 0.36 per cent on Wednesday at the domestic markets after the National Federation of Independent Business index of small business optimism rose unexpectedly in October, underlining optimism over the health of the economy which raised the demand outlook for the metal.
National Federation of Independent Business said that NFIB Small Business Optimism increased to 96.1 last month from 95.3 in September. Analysts had expected the index to dip to 95.1 in October.
Zinc futures for October 2014 contract, at MCX, were trading at Rs 140.25 per kg, up by 0.36 per cent after opening at Rs. 139.35 against the previous closing price of Rs. 139.75. It touched the intra-day high of Rs. 140.35 till the trading. (At 4.20 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 2025 metric tonnes to 689700 metric tonnes as on November 12, 2014.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
12/11/2014 16:36
Zinc prices rose by 0.36 per cent on Wednesday at the domestic markets after the National Federation of Independent Business index of small business optimism rose unexpectedly in October, underlining optimism over the health of the economy which raised the demand outlook for the metal.
National Federation of Independent Business said that NFIB Small Business Optimism increased to 96.1 last month from 95.3 in September. Analysts had expected the index to dip to 95.1 in October.
Zinc futures for October 2014 contract, at MCX, were trading at Rs 140.25 per kg, up by 0.36 per cent after opening at Rs. 139.35 against the previous closing price of Rs. 139.75. It touched the intra-day high of Rs. 140.35 till the trading. (At 4.20 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 2025 metric tonnes to 689700 metric tonnes as on November 12, 2014.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
