MCX Base Metal Tips: Zinc futures extended losses in the Asian market on Thursday as investors and speculators exited positions in the industrial metal amid weak physical requirement for zinc in the Asian spot market.
A slump in factory orders in Germany in Sep signaled a faltering resumption in Europe’s biggest economy, darkening the demand outlook for the metal. German factory orders slipped 1.7% in Sep from the previous month, when they declined 1.8 per cent, the Economy Ministry in Berlin reported on Thursday.
Meanwhile, a reduction in Euro area growth forecasts also clouded the metal’s demand prospects as the EU cut the economic growth estimate for the Euro area to 1.8 per cent in 2016 from an earlier 1.9 per cent.
At the MCX, Zinc futures for November 2015 agreement closed at Rs 108.75 per 1 kg, down by 0.41% after opening at Rs 109.8, against the last closing price of Rs 109.2. It touched the intra-day low of Rs 108.2.
A slump in factory orders in Germany in Sep signaled a faltering resumption in Europe’s biggest economy, darkening the demand outlook for the metal. German factory orders slipped 1.7% in Sep from the previous month, when they declined 1.8 per cent, the Economy Ministry in Berlin reported on Thursday.
Meanwhile, a reduction in Euro area growth forecasts also clouded the metal’s demand prospects as the EU cut the economic growth estimate for the Euro area to 1.8 per cent in 2016 from an earlier 1.9 per cent.
At the MCX, Zinc futures for November 2015 agreement closed at Rs 108.75 per 1 kg, down by 0.41% after opening at Rs 109.8, against the last closing price of Rs 109.2. It touched the intra-day low of Rs 108.2.
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