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Zinc drops as traders reduced holdings

By Religare
|

Zinc futures fell by 0.25 per cent to Rs 120.40 per kg 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 August 2015 contract, at MCX, were trading at Rs 120.40 per kg, down by 0.25 per cent after opening at Rs. 121.15 against the previous closing price of Rs. 120.70. It touched the intra-day low of Rs. 120.15 till the trading. (At 4.10 PM today).

 

However, losses were curbed due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME zinc stocks fell by 1225 metric tonnes to 429650 metric tonnes as on August 6, 2015.

Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.

Story first published: Thursday, August 6, 2015, 23:00 [IST]
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