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Soft Euro area data weighs on Zinc

By Religare
|

Zinc prices retreated on Friday as a slowdown in the 19-member Euro area economy clouded the demand outlook for the industrial metal. The Euro area economy grew by a less than expected 0.3 per cent in the June quarter following a 0.4 per cent expansion in Q1.

Meanwhile, easing concerns over China's demand outlook trimmed losses in the base metal as the country's central bank raised the Yuan's reference rate following massive devaluations earlier in the week. The People's Bank of China raised the Yuan's reference rate by 0.05 per cent following three devaluations of over 1 per cent each earlier in the week. China is the world's biggest consumer of metals.

 

At the MCX, Zinc futures for August 2015 contract closed at Rs per 119.40 1 kg, down by 0.29 per cent after opening at Rs 119.65, against the previous closing price of Rs 119.75. It touched the intra-day low of Rs 118.55.

Story first published: Monday, August 17, 2015, 12:30 [IST]
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