Zinc futures end lower on weak physical demand
23/05/2014 09:25
Zinc futures ended lower in the domestic market on Thursday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market. Further, a rise in the number of Americans filing for jobless claims rose more than expected last week, signaling a cooling labour market recovery in the world’s biggest economy, clouding the demand outlook for the industrial metal. However, a pickup in US manufacturing and improving Chinese factory activity supported the demand outlook for zinc. Zinc futures may rise today as an easing slowdown in China bolsters the demand outlook for the base metal. At the MCX, Zinc futures for May 2014 contract closed at Rs. 121 per 1 kg, down by 0.29 per cent, after opening at Rs. 121.45, against the previous closing price of Rs. 121.35. It touched an intra-day low of Rs 120.60.
23/05/2014 09:25
Zinc futures ended lower in the domestic market on Thursday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market. Further, a rise in the number of Americans filing for jobless claims rose more than expected last week, signaling a cooling labour market recovery in the world’s biggest economy, clouding the demand outlook for the industrial metal. However, a pickup in US manufacturing and improving Chinese factory activity supported the demand outlook for zinc. Zinc futures may rise today as an easing slowdown in China bolsters the demand outlook for the base metal. At the MCX, Zinc futures for May 2014 contract closed at Rs. 121 per 1 kg, down by 0.29 per cent, after opening at Rs. 121.45, against the previous closing price of Rs. 121.35. It touched an intra-day low of Rs 120.60.
