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Flat trade in Zinc amid China fears

By Religare
|

Against the backdrop of a shrinking Japanese economy and reduced demand prospects from China, the world's biggest metals consumer, in the wake of the Yuan's steep slide, Zinc prices were trading flat in evening trade in the domestic market on Monday.

Japan's economy fell back in contraction in the second quarter, shrinking at an annualized pace of 1.6 per cent in the April-June 2015 quarter, while fears that the biggest devaluation of the Yuan against the dollar in 21 years may curb metal demand in China as inbound shipments become more expensive, also soured sentiment.

 

China's economic slowdown has deepened lately with exports and imports contracting sharply in July, while gains in industrial output, urban fixed asset investment and retail sales came in below estimates, signaling a gloomy outlook for industrial metals.

At the MCX, Zinc futures for August 2015 contract is trading at Rs per 119.40 1 kg, down by 0.29 per cent after opening at Rs 119.20, against the previous closing price of Rs 119.40. It touched the intra-day low of Rs 118.65. (At 16:09 PM).

Story first published: Monday, August 17, 2015, 23:00 [IST]
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