Zinc ends little changed amid mixed US data
27/11/2014 09:35
Zinc futures closed on a flat note in the domestic market on Wednesday as investors and speculators stayed cautious over booking fresh positions in the industrial metal as an uptick in US jobless claims, and a surprise decline in US orders for capital goods clouded the demand outlook for zinc.
US jobless claims edged higher by 21,000 to 313,000 last week, a sign that the country’s labour market recovery is cooling. Orders for non-defence capital goods excluding aircraft, a proxy for capital spending fell 1.3 per cent in October. Overall US durable goods orders rose 0.4 per cent in October.
However, robust US consumer data supported sentiment as the index measuring US consumer confidence surged to the highest level in seven years at 88.8 in November 2014 from 86.9 in October.
At the MCX, Zinc futures for November 2014 contract closed at Rs. 140.30 per 1 kg, up by 0.04 per cent, after opening at Rs. 140.15, against the previous closing price of Rs. 140.25. It touched an intra-day high of Rs 140.60.
27/11/2014 09:35
Zinc futures closed on a flat note in the domestic market on Wednesday as investors and speculators stayed cautious over booking fresh positions in the industrial metal as an uptick in US jobless claims, and a surprise decline in US orders for capital goods clouded the demand outlook for zinc.
US jobless claims edged higher by 21,000 to 313,000 last week, a sign that the country’s labour market recovery is cooling. Orders for non-defence capital goods excluding aircraft, a proxy for capital spending fell 1.3 per cent in October. Overall US durable goods orders rose 0.4 per cent in October.
However, robust US consumer data supported sentiment as the index measuring US consumer confidence surged to the highest level in seven years at 88.8 in November 2014 from 86.9 in October.
At the MCX, Zinc futures for November 2014 contract closed at Rs. 140.30 per 1 kg, up by 0.04 per cent, after opening at Rs. 140.15, against the previous closing price of Rs. 140.25. It touched an intra-day high of Rs 140.60.
