Zinc futures end lower on weak physical demand
22/05/2014 09:30
Zinc futures ended lower in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market. Further, concerns that slowing economic growth from China, the world’s biggest metals consumer, may crimp demand for the base metal in the near-term, also dampened sentiment. However, a rise in consumer confidence in the Euro area to the highest level since 2007 this month signaled a pickup in the region’s economic recovery, lifting the demand outlook for the base metal, curbing losses in zinc futures. Zinc futures may rise today as easing contraction in Chinese factories supports the demand outlook for industrial metals. At the MCX, Zinc futures for May 2014 contract closed at Rs. 121.35 per 1 kg, down by 0.49 per cent, after opening at Rs. 121.40, against the previous closing price of Rs. 121.95. It touched an intra-day low of Rs 120.35.
22/05/2014 09:30
Zinc futures ended lower in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market. Further, concerns that slowing economic growth from China, the world’s biggest metals consumer, may crimp demand for the base metal in the near-term, also dampened sentiment. However, a rise in consumer confidence in the Euro area to the highest level since 2007 this month signaled a pickup in the region’s economic recovery, lifting the demand outlook for the base metal, curbing losses in zinc futures. Zinc futures may rise today as easing contraction in Chinese factories supports the demand outlook for industrial metals. At the MCX, Zinc futures for May 2014 contract closed at Rs. 121.35 per 1 kg, down by 0.49 per cent, after opening at Rs. 121.40, against the previous closing price of Rs. 121.95. It touched an intra-day low of Rs 120.35.
