Tuesday, October 27, 2015

Zinc futures Plunged More Than 1 % in the Domestic Market

Zinc futures plunged more than 1 per cent in the domestic market on Monday as investors and speculators exited positions in the industrial metal as China’s surprise interest rate cut on Friday signaled that the slowdown in the world’s second biggest economy was probably worsening, clouding the demand outlook for the base metal.

The People’s Bank of China on Friday cut interest rates for a sixth time since November as the key lending rate was slashed by 25 basis points while the reserve requirement ratio was cut by 50 basis points.
German investor confidence slipped for the first time in four months in October, signaling doubts over the recovery in Europe’s biggest economy. A gauge measuring German investor sentiment fell to 108.2 this month from 108.5 in September.
At the MCX, Zinc futures for October 2015 contract closed at Rs 111.9 per 1 kg, down by 1.1 per cent after opening at Rs 113.1, against the previous closing price of Rs 113.15. It touched the intra-day low of Rs 111.7.
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