BASE METAL TIPS | Zinc futures tumbled by about 1 per cent in
the domestic market on Thursday as investors and speculators exited
positions in the industrial metal amidst weak physical demand for zinc
in the domestic spot market.
A slowdown in China’s services activity in November signaled concerns
over the world’s second biggest economy, darkening the demand outlook
for zinc. China’s services gauge declined to 51.2 in November from 52 in
October, with a reading above 50 signaling expansion.
However the losses in Zinc were curbed by optimism over the health of
the 19-member Euro area economy which lifted the demand prospects for
industrial metals. ECB scaled up stimulus for the region while a
combined gauge measuring Euro area manufacturing and services climbed to
54.2 in November from 53.9 in October.
At the MCX, Zinc futures for December 2015 contract closed at Rs 102.15
per kg, down by 0.92 per cent after opening at Rs 102.55, against the
previous closing price of Rs 103.10. It touched the intra-day low of Rs
101.10.
No comments:
Post a Comment