Weak Euro area data weighs on Zinc futures
05/06/2014 09:38
Zinc futures ended lower 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. Private sector output in the Euro area expanded at a slower pace in May, signaling a sluggish recovery in the 18-member economy, dimming the demand outlook for industrial metals. A combined gauge measuring Euro area manufacturing and services fell to 53.5 in May from 54 in the previous month, with a reading above 50 signaling expansion. At the MCX, Zinc futures for June 2014 contract closed at Rs. 123.65 per 1 kg, down by 0.56 per cent, after opening at Rs. 124.20, against the previous closing price of Rs. 124.35. It touched an intra-day low of Rs 123.10.
05/06/2014 09:38
Zinc futures ended lower 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. Private sector output in the Euro area expanded at a slower pace in May, signaling a sluggish recovery in the 18-member economy, dimming the demand outlook for industrial metals. A combined gauge measuring Euro area manufacturing and services fell to 53.5 in May from 54 in the previous month, with a reading above 50 signaling expansion. At the MCX, Zinc futures for June 2014 contract closed at Rs. 123.65 per 1 kg, down by 0.56 per cent, after opening at Rs. 124.20, against the previous closing price of Rs. 124.35. It touched an intra-day low of Rs 123.10.
