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Tepid physical demand, China slowdown hits Zinc

By Religare
|

Zinc futures were trading in the red during noon trade in the domestic market on Friday as investors and speculators exited positions in the industrial metal amid weak physical demand for Zinc in the domestic spot market.

Further, fears that a worsening economic slowdown in China, the world's biggest metals consumer may curb the demand for Zinc also soured investor mood. A Chinese private manufacturing gauge contracted at the fastest pace since March 2009, coming in at 47.1 in August, with a reading below 50 signaling contraction, stoking more fears over the health of the world's second biggest economy.

 

Meanwhile, a leading US economic index surprisingly fell last month, raising concerns over the health of the world's biggest economy, weighing on sentiment. The Conference Board said that it's leading index for the US economy declined by 0.2 per cent in July from June, when it climbed 0.6 per cent.

At the MCX, Zinc futures for August 2015 contract is trading at Rs per 118.75 per kg, down by 0.13 per cent after opening at Rs 119.10, against the previous closing price of Rs 118.90. It touched the intra-day low of Rs 118.65. (At 12:03 PM).

Story first published: Friday, August 21, 2015, 23:00 [IST]
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