Zinc futures slipped in the domestic market on Monday as investors and speculators exited positions in the industrial metal amid weak physical demand for Zinc in the domestic spot market.
Further, a worsening equity rout in China, with the country’s stocks sliding over 2.5 per cent on Monday amid speculation that state-backed funds had ceased buying, threatened to signal deep-rooted problems in the world’s biggest metals consumer, clouding the demand prospects for zinc. Meanwhile, China cut its economic growth rate for 2014 to 7.3 per cent from 7.4 per cent reported earlier.
However, an uptick in German industrial output by 0.7 per cent in July signaled a pickup in Europe’s biggest economy, trimming losses in the base metal.
At the MCX, Zinc futures for September 2015 contract closed at Rs 118.70 per 1 kg, down by 0.75 per cent after opening at Rs 120.10, against the previous closing price of Rs 119.60. It touched the intra-day low of Rs 118.60.
on Monday as investors and speculators exited positions in the industrial metal amid weak physical demand for Zinc in the domestic spot market.
Further, a worsening equity rout in China, with the country’s stocks sliding over 2.5 per cent on Monday amid speculation that state-backed funds had ceased buying, threatened to signal deep-rooted problems in the world’s biggest metals consumer, clouding the demand prospects for zinc. Meanwhile, China cut its economic growth rate for 2014 to 7.3 per cent from 7.4 per cent reported earlier.
However, an uptick in German industrial output by 0.7 per cent in July signaled a pickup in Europe’s biggest economy, trimming losses in the base metal.
At the MCX, Zinc futures for September 2015 contract closed at Rs 118.70 per 1 kg, down by 0.75 per cent after opening at Rs 120.10, against the previous closing price of Rs 119.60. It touched the intra-day low of Rs 118.60.
on Monday as investors and speculators exited positions in the industrial metal amid weak physical demand for Zinc in the domestic spot market.
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