4 Aug 2014

Zinc up 0.3% on overseas cues, spot demand

Zinc news

            Zinc futures edged higher by 0.28% to Rs 143.60 per kg today as speculators built-up positions amid positive cues from the global market and better domestic demand.

At the Multi Commodity Exchange, zinc for delivery in August gained 40 paise, or 0.28%, to Rs 143.60 per kg, with a business turnover of 247 lots.

The metal for delivery in September also rose 20 paise, or 0.14%, to Rs 143.85 per kg, with a business turnover of two lots.

Globally, at the London Metal Exchange (LME), zinc for delivery in three months advanced 0.90% to USD 2,359.75 per tonne.

Marketmen said besides a firming trend at domestic spot market, the metal's strength at the LME as stockpiles tracked in London and Shanghai decreased and Goldman Sachs Group projected a global deficit this year, supported the upside in zinc prices at futures trade.

LME inventories for zinc fell 1.9% in July, declining for the fourth straight month. Stockpiles monitored by the Shanghai Futures Exchange dropped 1.3% last week to the lowest level since 2009. - 
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