Zinc rises due to overseas cues

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Zinc rises due to overseas cues
On May 26, 2011, as a result of the gains in other base metals and a steady global trend, the prices of zinc for the June contract rose by 70 paise, or 0.69% to Rs 102.55 per kg, with a business turnover of 427 lots at the Multi Commodity Exchange (MCX).

The metal for the May contract also gained 65 paise, or 0.65% to Rs 101.30 per kg, with a business volume of 1,732 lots at the MCX.

At the London Metal Exchange, zinc increased by 0.2% to $2,250 a tonne.

Moreover, there was a steady trend in the entire base metals at the LME and the good demand at the local spot markets also supported the prices.

Zinc is the fourth most widely used metal after steel, aluminum and copper in the world.

The Indian zinc industry entered its transformation phase with the privatisation of the largest zinc producer, Hindustan Zinc Ltd, in favour of the Sterlite group in April 2002.

The domestic zinc industry is now completely under the private sector and is in the midst of a serious expansion programme.

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