Zinc declines due to overseas cues

Yesterday, as a result of the decline in the cues from the overseas market, the prices of zinc for the June contract fell by 75 paise, or 0.73% to Rs 101.30 per kg, with a business turnover of 2,362 lots at the Multi Commodity Exchange (MCX).

The zinc for the July contract also fell by the same margin to Rs 102.55 per kg, with a trade turnover of 139 lots at the MCX.

Moreover, the decline in the demand from consuming industries at the spot markets also influenced 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.

Read more about: zinc, commodity, mcx, futures
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