Zinc bears return on Greece, weak global manufacturing
06/01/2015 09:12
Zinc futures closed lower in the domestic market on Monday as investors and speculators exited positions in the industrial metal amidst fears that a probable Greek exit from the 18-member Euro area amid an unfavourable outcome in this month’s elections could trigger a fresh financial crisis in the region, darkening the demand outlook for industrial metals.
Factory weakness from China to Europe also darkened the demand outlook for zinc. Manufacturing in China shrank for the first time in seven months in December, while that in the US expanded at the slowest pace in 6 months and neared stagnation in the 18-member Euro area.
Investors cast aside data showing an improvement in Euro area investor confidence index to 0.9 this month from -2.5 in December.
At the MCX, Zinc futures for January 2015 contract closed at Rs 138.20 per 1 kg, down by 0.83 per cent after opening at Rs 139.10, against the previous closing price of Rs 139.35. It touched the intra-day low of Rs 137.35 till the closing.
06/01/2015 09:12
Zinc futures closed lower in the domestic market on Monday as investors and speculators exited positions in the industrial metal amidst fears that a probable Greek exit from the 18-member Euro area amid an unfavourable outcome in this month’s elections could trigger a fresh financial crisis in the region, darkening the demand outlook for industrial metals.
Factory weakness from China to Europe also darkened the demand outlook for zinc. Manufacturing in China shrank for the first time in seven months in December, while that in the US expanded at the slowest pace in 6 months and neared stagnation in the 18-member Euro area.
Investors cast aside data showing an improvement in Euro area investor confidence index to 0.9 this month from -2.5 in December.
At the MCX, Zinc futures for January 2015 contract closed at Rs 138.20 per 1 kg, down by 0.83 per cent after opening at Rs 139.10, against the previous closing price of Rs 139.35. It touched the intra-day low of Rs 137.35 till the closing.
