Zinc futures tumbled by more than 1%cent in the domestic market on Monday as investors and speculators exited positions in the industrial metal amid Slow physical demand for zinc from the domestic spot market, while a worsening factory slump in China, the world’s biggest metals consumer darkened the demand outlook for the metal.
China’s official factory PMI contracted in October, coming in at 49.8, unchanged from September, with a reading below 50 signaling contraction, while a private manufacturing gauge shrank for an eighth month on the trot, signaling a worsening slowdown in the world’s second biggest economy. The China’s Caixin manufacturing index stood at 48.3 in Octr, remaining well below the neutral 50-mark.
Investors cast aside robust Euro area factory data which showed that the manufacturing sector in the 19-member economy accelerated in October as the region’s factory gauge picked up to 52.3 from 52 in September.
At the MCX, Zinc futures for November 2015 contract closed at Rs 110.4 per 1 kg, down by 1.25 per cent after opening at Rs 111.75, against the previous closing price of Rs 111.8. It touched the intra-day low of Rs 110.15.
China’s official factory PMI contracted in October, coming in at 49.8, unchanged from September, with a reading below 50 signaling contraction, while a private manufacturing gauge shrank for an eighth month on the trot, signaling a worsening slowdown in the world’s second biggest economy. The China’s Caixin manufacturing index stood at 48.3 in Octr, remaining well below the neutral 50-mark.
Investors cast aside robust Euro area factory data which showed that the manufacturing sector in the 19-member economy accelerated in October as the region’s factory gauge picked up to 52.3 from 52 in September.
At the MCX, Zinc futures for November 2015 contract closed at Rs 110.4 per 1 kg, down by 1.25 per cent after opening at Rs 111.75, against the previous closing price of Rs 111.8. It touched the intra-day low of Rs 110.15.
Read More – Zinc News
