Zinc falls by 0.49% on weak US data
30/05/2014 15:49
Zinc prices fell by 0.49 per cent on Friday at the domestic markets after US GDP data showed that the world’s biggest economy shrank for the first time since 2011 last quarter. US economy shrank at a 1 per cent annualized rate in Q1 2014 which reduced the demand prospects for the metal. Zinc futures for May 2014 contract, at MCX, were trading at Rs 121.05 per kg, down by 0.49 per cent after opening at Rs. 121.20 against the previous closing price of Rs. 121.65. It touched the intra-day low of Rs. 120.55 till the trading. (At 3.40 PM today). However, losses were curbed due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME zinc stocks fell by 7700 metric tonnes to 711900 metric tonnes as on May 30, 2014. Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany
30/05/2014 15:49
Zinc prices fell by 0.49 per cent on Friday at the domestic markets after US GDP data showed that the world’s biggest economy shrank for the first time since 2011 last quarter. US economy shrank at a 1 per cent annualized rate in Q1 2014 which reduced the demand prospects for the metal. Zinc futures for May 2014 contract, at MCX, were trading at Rs 121.05 per kg, down by 0.49 per cent after opening at Rs. 121.20 against the previous closing price of Rs. 121.65. It touched the intra-day low of Rs. 120.55 till the trading. (At 3.40 PM today). However, losses were curbed due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME zinc stocks fell by 7700 metric tonnes to 711900 metric tonnes as on May 30, 2014. Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany
