MCX Base Metal Tips: Zinc futures ended higher in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical requirement for Zinc in the domestic spot market.
Further, a pickup in US jobs growth signaled a fastening labour market recovery in the world’s biggest economy, bolstering the demand outlook for industrial metals. Non-farm payrolls climbed by 271,000 in October, the biggest monthly gain in 2015, up from a revised 137,000 in September.
However, a weaker demand outlook from Europe curbed gains in the metal as German industrial production fell in September, signaling a faltering recovery in Europe’s biggest economy. German industrial output fell 1.1 per cent in September from August when it declined 0.6 per cent.
At the MCX, Zinc futures for November 2015 contract closed at Rs 109.6 per 1 kg, up by 0.78 per cent after opening at Rs 108.75, against the previous closing price of Rs 108.75. It touched the intra-day high of Rs 109.8.
Further, a pickup in US jobs growth signaled a fastening labour market recovery in the world’s biggest economy, bolstering the demand outlook for industrial metals. Non-farm payrolls climbed by 271,000 in October, the biggest monthly gain in 2015, up from a revised 137,000 in September.
However, a weaker demand outlook from Europe curbed gains in the metal as German industrial production fell in September, signaling a faltering recovery in Europe’s biggest economy. German industrial output fell 1.1 per cent in September from August when it declined 0.6 per cent.
At the MCX, Zinc futures for November 2015 contract closed at Rs 109.6 per 1 kg, up by 0.78 per cent after opening at Rs 108.75, against the previous closing price of Rs 108.75. It touched the intra-day high of Rs 109.8.
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