Robust China data lifts Zinc futures
03/06/2014 09:15
Zinc futures ended higher in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for zinc in the domestic spot market. Manufacturing activity in China expanded at the fastest pace in five months in May 2014 as demand rebounded, a sign that the world’s second biggest economy is picking up pace amid the injection of limited stimulus, lifting the demand outlook for industrial metals. The gauge measuring manufacturing in China rose to 50.8 in May from 50.4 in the previous month, with a reading above 50 signaling expansion. China’s central bank said that it will cut the reserve requirements for some banks as part of the latest round of stimulus to spur growth. At the MCX, Zinc futures for June 2014 contract closed at Rs. 123.90 per 1 kg, up by 1.47 per cent, after opening at Rs. 121.75, against the previous closing price of Rs. 122.10. It touched an intra-day high of Rs 124.05.
03/06/2014 09:15
Zinc futures ended higher in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for zinc in the domestic spot market. Manufacturing activity in China expanded at the fastest pace in five months in May 2014 as demand rebounded, a sign that the world’s second biggest economy is picking up pace amid the injection of limited stimulus, lifting the demand outlook for industrial metals. The gauge measuring manufacturing in China rose to 50.8 in May from 50.4 in the previous month, with a reading above 50 signaling expansion. China’s central bank said that it will cut the reserve requirements for some banks as part of the latest round of stimulus to spur growth. At the MCX, Zinc futures for June 2014 contract closed at Rs. 123.90 per 1 kg, up by 1.47 per cent, after opening at Rs. 121.75, against the previous closing price of Rs. 122.10. It touched an intra-day high of Rs 124.05.
