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Zinc bites the dust as China turmoil deepens

By Religare
|

Against the backdrop of worries stemming from a China equity rout, Zinc prices slid more than 1 per cent during noon trade in the domestic market on Tuesday as traders shunned the industrial metal as a worsening China gloom threatened to cut metal demand.

China's stocks slid more than 7.6 per cent on Tuesday with the benchmark Shanghai Composite marking the biggest four-day drop in 19 years amid speculation of reduced support from the government to prop up equities.

 

Fears that China's worsening equity rout that has erased more than USD 5 trillion of global investor wealth since August 11 when China shocked global markets by devaluing the Yuan by the most in two decades may spread to other parts of the world's second biggest economy, kept investors edgy.

At the MCX, Zinc futures for August 2015 contract closed at Rs per 113.70 per 1 kg, down by 1.04 per cent after opening at Rs 114.60, against the previous closing price of Rs 114.90. It touched the intra-day low of Rs 113.50. (At 14:04 PM)

Story first published: Tuesday, August 25, 2015, 23:00 [IST]
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