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Zinc ends lower on tepid physical demand

By Religare
|

Zinc futures ended on a bearish note 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.

Meanwhile, a slowdown in the pace of hiring in the US dimmed some of the optimism over the health of the labour market in the world's biggest economy, clouding the demand outlook for industrial metals. American non-farm payrolls climbed by 173,000 in August, compared to an upwardly revised 245,000 gain in July, and below expectations of a 217,000 rise.

 

Meanwhile, German factory orders fell in July, signaling doubts over the recovery in Europe's biggest economy, clouding zinc's demand prospects. German factory orders plunged by 1.4 per cent in July from June.

At the MCX, Zinc futures for September 2015 contract closed at Rs per 119.60 per 1 kg, down by 0.62 per cent after opening at Rs 120.20, against the previous closing price of Rs 120.35. It touched the intra-day low of Rs 118.95.

Story first published: Monday, September 7, 2015, 12:10 [IST]
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