Monday, November 23, 2015

Zinc Slips on Bearish Buying Interest

Zinc Metal Update - Zinc futures fell by 1.28 per cent to Rs 100.40 per kg in futures trade today as speculators reduced positions in the midst of a weak trend overseas. Besides, low demand in domestic spot markets fuelled the downtrend. Zinc futures for November 2014 contract, at MCX, were trading at Rs 100.40 per kg, down by 1.28 per cent after opening at Rs. 100.90 against the previous closing price of Rs. 101.70. It touched the intra-day low of Rs. 98.65 till the trading.
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 1375 metric tonnes to 549525 metric tonnes as on November 23, 2014.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.