Zinc futures soared by more than 1.7 per-cent in the local market on yesterday as investors and speculators booked fresh positions in the industrial metal amidst a pickup in physical requirement for Zinc in the local spot market.Further more, easing worries over a hard landing in the economy of China, the world’s biggest metals consumer, also lifted the requirement outlook for Zinc as the country’s services gauge strike a six-month high of 52.4 in January from Dec 17-month low of 50.2, with a reading above 50 indicating expansion.
A combined gauge measuring services and manufacturing climbed to 50.1 in January from 49.4 in Dec, a sign that the Chinese private sector has returned to growth.
In the mean time, Officials of China set a range for the economic growth of country for the first time in two decades predicting China’s economy to extend by 6.5 -7 per-cent in 2016, weaker than last year’s goal of about 7 per cent.
MCX : Zinc futures for Feb 2016 contract ended at Rs 115.4 per kg, up by 1.76 per cent after opening at Rs 114.35, as compared the previous ending price of Rs 113.4. It reached the intra-day high of Rs 115.75.
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