Zinc prices fell on Tuesday as speculators trimmed their positions in tandem with a weakening trend in global markets.
Zinc futures for February 2012 contract, at MCX, were trading at Rs. 103.30 per kg, down by 0.29% after opening at Rs. 103.40 against the previous closing price of Rs. 103.60.
It touched the intra-day low of Rs. 103.15 till the trading. (At 03.00 PM today)
Sentiment weakened further due to the slackness in demand from consuming industries at domestic spot markets.
Yesterday, prices fell as the ongoing concerns over a slowdown in demand from China continued to weigh on the industrial metal.
The downbeat Chinese housing data added to concerns. Chinese data showed that average property prices in 70 Chinese cities fell in February for the fifth consecutive month and rose at a slower year-on-year rate than in the previous month.
Zinc is the fourth most widely used metal after steel, aluminum and copper in the world.