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Zinc surges on strong global cues

By Religare
|

Zinc futures rose by 1.37 per cent to Rs 118.35 per kg today as speculators increased positions in the midst of a strong trend overseas. Besides, high demand in domestic spot markets fuelled the uptrend. Zinc futures for August 2015 contract, at MCX, were trading at Rs 118.35 per kg, up by 1.37 per cent after opening at Rs. 116.80 against the previous closing price of Rs. 116.75. It touched the intra-day high of Rs. 118.70 till the trading. (At 4.30 PM today).

 

However, gains were limited due to the surge in the zinc stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME zinc stocks rose by 1376 metric tonnes to 504850 metric tonnes as on August 20, 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 20, 2015, 23:00 [IST]
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