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Zinc extends losses on weak physical demand, China woes

By Religare
|

Zinc futures ended lower in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal amidst subdued physical demand for zinc in the domestic spot market.

Further, a gloomy demand outlook in China, the world's biggest metals consumer, weighed as the country's manufacturing activity contracted for the tenth month on the trot in December while stocks in China extended a New Year rout, with the benchmark Shanghai Composite falling 0.26 per cent even after the Chinese securities market regulator vowed to combat stock market volatility by improving a circuit breaker system that saw stock trading halted amidst Monday's severe sell-off, while the People's Bank of China pumped in cash into the banking system via the biggest reverse repurchase agreements since September.

 

At the MCX, Zinc futures for January 2016 contract closed at Rs 104.35 per kg, down by 0.14 per cent after opening at Rs 104.45, against the previous closing price of Rs 104.5. It touched the intra-day low of Rs 103.65.

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