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Robust physical demand lifts Zinc

By Religare
|

Zinc futures soared about 1 per cent during noon trade in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for Zinc in the domestic spot market.

Further, a rebound in industrial output in Germany signaled a pickup in the recovery in Europe's biggest economy, lifting the demand outlook for the base metal. German industrial output climbed by 0.7 per cent in July from June when it dropped a revised 0.9 per cent.

 

Investors shrugged off fears over a worsening slowdown in the Chinese economy which threatened to curb demand for the industrial metal. China, the world's second biggest metals consumer, cut the growth rate for 2014 to 7.3 per cent from 7.4 per cent reported earlier.

At the MCX, Zinc futures for September 2015 contract closed at Rs per 120.75 per 1 kg, up by 0.96 per cent after opening at Rs 120.10, against the previous closing price of Rs 119.60. It touched the intra-day high of Rs 120.90. (At 12:39 PM).

Story first published: Monday, September 7, 2015, 23:00 [IST]
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