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Weak physical demand, China fears hit Zinc

By Religare
|

Zinc futures extended a slide in the domestic market on Monday as investors and speculators exited positions in the industrial metal amid tepid physical demand for Zinc in the domestic spot market.

Further, a slump in Chinese business sentiment this month signaled worsening demand prospects from the world's second biggest economy. The MNI China Business Indicator plunged 8.4 per cent to 51.3 in September.

Caution ahead of Wednesday's China factory data for September also weighed on sentiment with the China flash manufacturing PMI likely to show a continued contraction in the country's manufacturing sector. A private survey may show that the China manufacturing index came in at 47.5 in September, compared to 47.3 in August, which was the lowest in six years, with a reading below 0 signaling contraction.

 

At the MCX, Zinc futures for September 2015 contract closed at Rs 108.10 per kg, down by 1.73 per cent after opening at Rs 109.45, against the previous closing price of Rs 110. It touched the intra-day low of Rs 107.85.

Story first published: Tuesday, September 22, 2015, 12:20 [IST]
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