Zinc futures up on robust physical demand
26/05/2014 09:20
Zinc futures rose in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal amid firm physical demand for zinc in the domestic spot market. Further, a bigger than expected rise in US new home sales signaled a revival in the country’s housing market recovery after a sluggish winter, lifting the demand outlook for zinc, which is widely used in the construction industry. New home sales in the US rose for the first time in three months in April 2014. Zinc futures may continue the upward journey today amid hopes of an improving demand outlook in the US. At the MCX, Zinc futures for May 2014 contract closed at Rs. 121.60 per 1 kg, up by 0.50 per cent, after opening at Rs. 121.20, against the previous closing price of Rs. 121. It touched an intra-day high of Rs 122.50.
26/05/2014 09:20
Zinc futures rose in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal amid firm physical demand for zinc in the domestic spot market. Further, a bigger than expected rise in US new home sales signaled a revival in the country’s housing market recovery after a sluggish winter, lifting the demand outlook for zinc, which is widely used in the construction industry. New home sales in the US rose for the first time in three months in April 2014. Zinc futures may continue the upward journey today amid hopes of an improving demand outlook in the US. At the MCX, Zinc futures for May 2014 contract closed at Rs. 121.60 per 1 kg, up by 0.50 per cent, after opening at Rs. 121.20, against the previous closing price of Rs. 121. It touched an intra-day high of Rs 122.50.
