Robust Euro area data lifts Zinc futures
19/06/2014 09:20
Zinc futures ended higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for zinc in the domestic spot market. Construction output in the Euro area rebounded in April, signaling a pickup in the 18-member economy, lifting the demand outlook for industrial metals. Euro area construction output rose 0.8 per cent in April 2014 over the previous month. The gains in the base metal were trimmed by concerns that a deepening economic slowdown in China, the world’s biggest metals consumer, may crimp the demand for the base metal. New home prices in many Chinese cities fell last month, signaling a cooling housing market in the world’s second biggest economy. In May, 35 Chinese cities tracked by a government survey, posted a dip in their new home prices. At the MCX, Zinc futures for June 2014 contract closed at Rs. 127.95 per 1 kg, up by 0.12 per cent, after opening at Rs. 127.55, against the previous closing price of Rs. 127.80. It touched an intra-day high of Rs 128.95.
19/06/2014 09:20
Zinc futures ended higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for zinc in the domestic spot market. Construction output in the Euro area rebounded in April, signaling a pickup in the 18-member economy, lifting the demand outlook for industrial metals. Euro area construction output rose 0.8 per cent in April 2014 over the previous month. The gains in the base metal were trimmed by concerns that a deepening economic slowdown in China, the world’s biggest metals consumer, may crimp the demand for the base metal. New home prices in many Chinese cities fell last month, signaling a cooling housing market in the world’s second biggest economy. In May, 35 Chinese cities tracked by a government survey, posted a dip in their new home prices. At the MCX, Zinc futures for June 2014 contract closed at Rs. 127.95 per 1 kg, up by 0.12 per cent, after opening at Rs. 127.55, against the previous closing price of Rs. 127.80. It touched an intra-day high of Rs 128.95.
