Zinc futures fell by 1.04 per cent to Rs 124.10 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 July 2015 contract, at MCX, were trading at Rs 124.10 per kg, down by 1.04 per cent after opening at Rs. 124.95 against the previous closing price of Rs. 125.40. It touched the intra-day low of Rs. 124.05 till the trading. (At 4.00 PM today).
Sentiment weakened further due to the surge in the zinc stockpiles at the London Metal Exchange (LME) on account of the decline demand for the commodity. LME zinc stocks rose by 40 metric tonnes to 445540 metric tonnes as on July 27, 2015.