Zinc futures slide on weak demand today

During the morning trade Zinc futures were trading low in the domestic market on Monday as investors & speculators trimmed their points amid a fall in demand from consuming industries at the domestic spot markets.

At the MCX, zinc futures for Sept 2016 contract is trading at Rs 150.75 per kg, fall by 0.46 %, after opening at Rs 151.05, against a last close of Rs 151.45. It touched the intra-day low of Rs 150.55.

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Zinc futures little changed on muted demand today

Zinc futures were slightly changed during the morning trade in the domestic market on Thursday as investors and speculators remained on the diversions amid subdued demand from consuming industries at the domestic spot markets.

Further, a decline in demand for zinc at the domestic spot market was caused by cut down of bets by traders in the spot market, influenced zinc rates at futures trade.

 At the MCX, zinc futures for September 2016 contract is trading at Rs 151.70 per kg, downward by 0.07 %, after opening at Rs 152.10, against a last close of Rs 151.80. It touched the intra-day lower of Rs 151.55.

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Base metal Zinc soars amid easing China fears

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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Zinc futures rose by 2.06 percent in Todays Trade

Base Metal Zinc - Zinc futures rose by 2.06 per cent to Rs 104.10 per kg today as speculators increased positions in the midst of a strong trend globally. Besides, high demand in domestic spot markets fuelled the uptrend. Zinc futures for December 2015 contract, at MCX, were trading at Rs 104.10 per kg, up by 2.06 per cent after opening at Rs. 102.40 against the previous closing price of Rs. 102. It touched the intra-day high of Rs. 104.35 till the trading. (At 4.08 PM today). Sentiment improved further 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 4200 metric tonnes to 512850 metric tonnes as on December 11, 2015.

 

Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.

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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.

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Strong Physical Demand, US outlook Lifts Zinc

Free commodity tips - Zinc futures advanced in the local market on Thursday as investors and speculators booked fresh positions in the industrial metal amidst a pickup in demand in the domestic spot market.
 

A regional manufacturing gauge in the US rebounded in November following two negative readings, lifting the demand outlook for the metal in the world’s biggest economy. The Philadelphia Manufacturing Index stood at 1.9 in November, compared to -4.5 in October, with a reading above o signaling expansion.
 

At the MCX, Zinc futures for November 2015 contract closed at Rs 100.45 per kg, up by 0.60 per cent after opening at Rs 99.25, against the previous closing price of Rs 99.85. It touched the intra-day high of Rs 100.65.

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China Demand Outlook Hits Zinc on thursday

 

Zinc futures plunged by more than 1.5 per cent in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid subdued physical demand for Zinc in the domestic spot market. Further, concerns that a deepening economic slowdown in China, the world’s biggest metals consumer may curb demand for Zinc also hit sentiment. China’s President Xi Jinping warned of heightened downside risks to growth in the world’s second biggest economy. A slowdown in the housing market recovery of China, the world’s biggest metals consumer, clouded the demand prospects for zinc, which is widely used in the home construction industry. New home prices climbed in 27 Chinese cities in October, down from 39 in September while prices fell in 33 cities, compared with 21 in September, amidst a supply glut which is hindering measures such as interest rate cuts and easier mortgage rules to revive the property market that has been in doldrums for the past few years. At the MCX, Zinc futures for November 2015 contract closed at Rs 99.85 per kg, down by 1.53 per cent after opening at Rs 100.8, against the previous closing price of Rs 101.4. It touched the intra-day low of Rs 99.4.

 

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Zinc Nosedives Over 2% on Demand Outlook

Zinc futures Goes Down by more than 2 % in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal amid Slow physical demand for zinc in the domestic spot market.

Further, a surprise drop in US industrial output in October and a fall in Euro area investor confidence this month signaled concerns over the outlook for the industrial metal as the global economy slows.

Overall output at US mines, factories and utilities fell by 0.2 per cent in October 2015 from the previous month while the gauge measuring Euro area economic sentiment fell to 28.3 in November from 30.1 in October.

At the MCX, Zinc futures for November 2015 contract closed at Rs 101.4 per kg, down by 2.31 per cent after opening at Rs 103.35, against the previous closing price of Rs 103.80. It touched the intra-day low of Rs 101.30.

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Zinc futures Tumbled by more than 1 % in the Domestic Market

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.


 

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Zinc futures Ended lower in the Domestic Market

 Zinc futures ended lower in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid subdued physical demand for Zinc in the domestic spot market.
 

Lingering worries over the demand outlook from China, the world’s biggest metals consumer, also weighed on Zinc. The surprise interest rate cut undertaken by the People’s Bank of China late Friday signaled that the country’s economy was in much bad shape as previously thought, signaling the gloomy demand outlook for base metals. The world’s second biggest economy grew at 6.9 per cent in the September quarter, the slowest pace since the global financial crisis, and below the 7 per cent official target for 2015.
 

At the MCX, Zinc futures for October 2015 contract closed at Rs 112.05 per 1 kg, down by 0.31 per cent after opening at Rs 112.2, against the previous closing price of Rs 112.4. It touched the intra-day low of Rs 110.95.


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Zinc futures Plunged More Than 1 % in the Domestic Market

Zinc futures plunged more than 1 per cent in the domestic market on Monday as investors and speculators exited positions in the industrial metal as China’s surprise interest rate cut on Friday signaled that the slowdown in the world’s second biggest economy was probably worsening, clouding the demand outlook for the base metal.

The People’s Bank of China on Friday cut interest rates for a sixth time since November as the key lending rate was slashed by 25 basis points while the reserve requirement ratio was cut by 50 basis points.
 

German investor confidence slipped for the first time in four months in October, signaling doubts over the recovery in Europe’s biggest economy. A gauge measuring German investor sentiment fell to 108.2 this month from 108.5 in September.
 

At the MCX, Zinc futures for October 2015 contract closed at Rs 111.9 per 1 kg, down by 1.1 per cent after opening at Rs 113.1, against the previous closing price of Rs 113.15. It touched the intra-day low of Rs 111.7.

 

 

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Zinc Soars Nearly 10% on Supply concerns in Domestic Market

Zinc futures spiked by almost 10 per cent in the domestic market on Friday tracking a bullish trend in the overseas market as investors and speculators booked fresh positions in the industrial metal after Glencore said that it would slash global zinc production.
 

The Switzerland-based Glencore announced that it will cut its annual zinc output by about 500,000 metric tons as it undertakes mine closures to reduce debt and restore its balance sheet, triggering a buying spree in the metal with traders fearing a supply shortage.  

A pickup in physical demand for Zinc in the domestic spot market also bolstered the industrial metal.
 

At the MCX, Zinc futures for October 2015 contract closed at Rs 119.15 per 1 kg, up 9.82 per cent after opening at Rs 109.3, against the previous closing price of Rs 108.5. It touched the intra-day high of Rs 120.75.

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Zinc futures Ended Lower in the Domestic Market

Zinc futures ended lower in the domestic market on Thursday as investors and speculators exited positions in the industrial metal amid soft physical demand for Zinc in the domestic spot market.

Further, fears that a worsening outlook in China, the world’s Huge metals consumer, may curb the demand for the industrial metal also weighed on sentiment as China’s factories remained in contraction mode as the China official PMI came in at 49.8 in September, tad below the neutral 50-mark, a sign that the country’s slowdown isn’t easing any time soon. Deepening factory-gate deflationary spiral, weak external demand and industrial overcapacity are weighing down China’s factories, raising fears that the economy may miss the 7 % growth target for this year.

At the MCX, Zinc futures for September 2015 contract closed at Rs 110.65 per 1 kg, down by 0.45 per cent after opening at Rs 111.55, against the previous closing price of Rs 111.15. It touched the intra-day low of Rs 110.05.

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Zinc In High Gear Despite China fears

Zinc futures marked a bullish finish in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal amid firm physical demand for Zinc in the domestic spot market.A mild rebound in a regional US factory gauge signaled easing concerns over a manufacturing slowdown in the world’s biggest economy, brightening the demand outlook for industrial metals. The gauge measuring factory production in Dallas climbed to 0.9 in September from -0.8 in August, with a reading above 0 signaling expansion.However, the gains in the metal were curbed by fears that a worsening slowdown in China, the world’s second biggest metals consumer, may cap demand for Zinc. Industrial profits in China nosedived 8.8 % , year on year in Aug 2015, worsening from a 2.9 per cent drop in July 2015, signaling deepening woes of the world’s second biggest economy.

At the MCX, Zinc futures for September 2015 contract closed at Rs 107.7 per kg, up by 0.56 per cent after opening at Rs 107.65, against the previous closing price of Rs 107.1. It touched the intra-day high of Rs 108.5.

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Zinc Futures Slipped in the Domestic Market

 

Zinc futures slipped in the domestic market on Monday as investors and speculators exited positions in the industrial metal amid weak physical demand for Zinc in the domestic spot market.

Further, a worsening equity rout in China, with the country’s stocks sliding over 2.5 per cent on Monday amid speculation that state-backed funds had ceased buying, threatened to signal deep-rooted problems in the world’s biggest metals consumer, clouding the demand prospects for zinc. Meanwhile, China cut its economic growth rate for 2014 to 7.3 per cent from 7.4 per cent reported earlier.

However, an uptick in German industrial output by 0.7 per cent in July signaled a pickup in Europe’s biggest economy, trimming losses in the base metal.

At the MCX, Zinc futures for September 2015 contract closed at Rs 118.70 per 1 kg, down by 0.75 per cent after opening at Rs 120.10, against the previous closing price of Rs 119.60. It touched the intra-day low of Rs 118.60.
on Monday as investors and speculators exited positions in the industrial metal amid weak physical demand for Zinc in the domestic spot market.
 

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