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Zinc drops on rising stockpiles

By Religare
|

Zinc futures fell by 1.81 per cent to Rs 116.75 per kg in futures trade today 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 464302 metric tonnes as on August 21, 2015.

Zinc futures for August 2015 contract, at MCX, were trading at Rs 116.75 per kg, down by 1.81 per cent after opening at Rs. 119.10 against the previous closing price of Rs. 118.90. It touched the intra-day high of Rs.116.40 till the trading. (At 4.00 PM today).

 

Sentiment weakened further as speculators reduced positions in the midst of a weak trend overseas. Besides, low demand in domestic spot markets fuelled the downtrend.

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