Base Metal Tips: Zinc futures jumped more than 1 per cent during noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for zinc in the domestic spot market.
Further, an upward revision in Q1 Euro Area GDP to 0.6 per cent from 0.5 per cent earlier and a smaller than expected drop in China’s May exports also buoyed the demand outlook for the metal.
Zinc futures for June 2016 contract, at MCX, were trading at Rs 135 per kg, up by 1.54 per cent after opening at Rs. 133.15, against the previous closing price of Rs. 132.95. It touched the intra-day high of Rs. 135.10.
Further, an upward revision in Q1 Euro Area GDP to 0.6 per cent from 0.5 per cent earlier and a smaller than expected drop in China’s May exports also buoyed the demand outlook for the metal.
Zinc futures for June 2016 contract, at MCX, were trading at Rs 135 per kg, up by 1.54 per cent after opening at Rs. 133.15, against the previous closing price of Rs. 132.95. It touched the intra-day high of Rs. 135.10.
