For Quick Alerts
For Daily Alerts

Zinc soars nearly 10% on supply concerns

By Religare

Zinc futures spiked by almost 10 per cent in the domestic market on Friday tracking a bullish trend in the overseas market as investors and speculators booked fresh positions in the industrial metal after Glencore said that it would slash global zinc production.

The Switzerland-based Glencore announced that it will cut its annual zinc output by about 500,000 metric tons as it undertakes mine closures to reduce debt and restore its balance sheet, triggering a buying spree in the metal with traders fearing a supply shortage.


A pickup in physical demand for Zinc in the domestic spot market also bolstered the industrial metal.

At the MCX, Zinc futures for October 2015 contract closed at Rs 119.15 per 1 kg, up 9.82 per cent after opening at Rs 109.3, against the previous closing price of Rs 108.5. It touched the intra-day high of Rs 120.75.

Story first published: Monday, October 12, 2015, 12:50 [IST]
Company Search
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more