Zinc futures end lower on weak physical demand
21/05/2014 09:25
Zinc futures ended lower in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market. Further, sentiment also weakened after a senior official from the Chinese commerce ministry said that the country may miss its target for exports and imports growth this year as higher labour costs and weaker global demand hits foreign trade growth, darkening the demand outlook for industrial metals, given that China is the world’s biggest metals consumer. Zinc futures may continue the downward journey today as investors weigh weaker growth prospects in China. At the MCX, Zinc futures for May 2014 contract closed at Rs. 121.95 per 1 kg, down by 0.16 per cent, after opening at Rs. 121.90, against the previous closing price of Rs. 122.15. It touched an intra-day low of Rs 121.60.
21/05/2014 09:25
Zinc futures ended lower in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market. Further, sentiment also weakened after a senior official from the Chinese commerce ministry said that the country may miss its target for exports and imports growth this year as higher labour costs and weaker global demand hits foreign trade growth, darkening the demand outlook for industrial metals, given that China is the world’s biggest metals consumer. Zinc futures may continue the downward journey today as investors weigh weaker growth prospects in China. At the MCX, Zinc futures for May 2014 contract closed at Rs. 121.95 per 1 kg, down by 0.16 per cent, after opening at Rs. 121.90, against the previous closing price of Rs. 122.15. It touched an intra-day low of Rs 121.60.
