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Zinc futures up amid improving US, Europe demand outlook

By Religare
|

Zinc futures were trading higher in the domestic market on Friday as robust US jobless claims and housing data eased worries of a slowdown in the world's biggest economy, improving the demand outlook for the base metal. US jobless claims fell more than expected last week while new home sales surged in April 2013.

Further, signs of a recovery in Eurozone amid the weakest pace of contraction in manufacturing activity in three months in May and a pickup in consumer confidence improved the demand outlook for zinc, supporting the base metal.

 

However, the prospects of weak demand in China amid a contraction in the manufacturing sector trimmed gains in the base metal.

At the MCX, Lead futures, for the May 2013 contract, is trading at Rs 102.15 per kg, up by 0.25 per cent, after opening at Rs 102.05, against a previous close of Rs 101.90. It touched an intra-day high of Rs 102.50. (At 12:52 PM).

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Story first published: Friday, May 24, 2013, 23:32 [IST]
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