Zinc futures end higher on China hopes
28/05/2014 09:31
Zinc futures ended higher in the domestic market on Tuesday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for zinc in the domestic spot market. Hopes that China, the world’s biggest metals consumer, may take more steps to boost growth in the world’s second biggest economy lifted the demand outlook for industrial metals. Chinese policymakers signaled over the weekend that the government may fine-tune policy to spur economic growth. US home prices rose at a slower pace in March, signaling a faltering housing recovery in the country, dimming the demand outlook for industrial metals, curbing gains in zinc futures. Home prices in 20 US cities rose 12.4 per cent, year on year in March 2014, compared to an annual gain of 12.9 per cent in February 2014, S&P said. At the MCX, Zinc futures for May 2014 contract closed at Rs. 122.95 per 1 kg, up by 0.33 per cent, after opening at Rs. 122.60, against the previous closing price of Rs. 122.55. It touched an intra-day high of Rs 123.20.
28/05/2014 09:31
Zinc futures ended higher in the domestic market on Tuesday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for zinc in the domestic spot market. Hopes that China, the world’s biggest metals consumer, may take more steps to boost growth in the world’s second biggest economy lifted the demand outlook for industrial metals. Chinese policymakers signaled over the weekend that the government may fine-tune policy to spur economic growth. US home prices rose at a slower pace in March, signaling a faltering housing recovery in the country, dimming the demand outlook for industrial metals, curbing gains in zinc futures. Home prices in 20 US cities rose 12.4 per cent, year on year in March 2014, compared to an annual gain of 12.9 per cent in February 2014, S&P said. At the MCX, Zinc futures for May 2014 contract closed at Rs. 122.95 per 1 kg, up by 0.33 per cent, after opening at Rs. 122.60, against the previous closing price of Rs. 122.55. It touched an intra-day high of Rs 123.20.
