Zinc futures ended lower in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid subdued physical demand for Zinc in the domestic spot market.
Lingering worries over the demand outlook from China, the world’s biggest metals consumer, also weighed on Zinc. The surprise interest rate cut undertaken by the People’s Bank of China late Friday signaled that the country’s economy was in much bad shape as previously thought, signaling the gloomy demand outlook for base metals. The world’s second biggest economy grew at 6.9 per cent in the September quarter, the slowest pace since the global financial crisis, and below the 7 per cent official target for 2015.
At the MCX, Zinc futures for October 2015 contract closed at Rs 112.05 per 1 kg, down by 0.31 per cent after opening at Rs 112.2, against the previous closing price of Rs 112.4. It touched the intra-day low of Rs 110.95.
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