Friday, April 1, 2016

Base metals updates: Zinc retreats on China requirement fears futures ended lower in the native market on yesterday as investors, traders and speculators quit positions in the industrial metal amid weak physical requirement for zinc in the local spot market.

Unstability over requirement from China, the largest metals consuming nation of world, also weighed as top global rating agency Standard & Poor’s (S&P) cut the credit rating of China to negative from stable, as it alerts that economic rebalancing in the Asian powerhouse is about to proceed more slowly than previously expected.

MCX : March 2016 contract for Zinc futures for ends at Rs 118.4 per kg, went down by 0.13 per- cent after unlocking at 118.35, against the previous closing price of Rs 118.55. Then, it reached the intra-day low of Rs 117.25.

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