FREE MCX TIPS | Zinc futures rallied in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical requirement for zinc in the domestic spot market.
China’s inflation picked up previous month, led by gains in prices of food and services items, a sign that demand in the world’s second biggest worth may be stabilizing amidst a flurry of interest rate cuts and fiscal stimulus push, bolstering the demand outlook for zinc, given that the country is the world’s biggest metals consumer.
China’s consumer prices rose by 1.5 per cent in Nov 2015 from the same month a year ago, compared to analysts’ estimates for a 1.4 per cent gain, and topping October’s 1.3% yearly advance. Further, produce price deflation decelerated as factory-gate prices fell 5.9%, year on year in November 2015, the 45th straight drop, but lower than the estimated 6 per cent decline.
At the MCX, Zinc futures for December 2015 agreement ended at Rs 102.25 per kg, up by 0.20 per cent after opening at Rs 102.15, against the last closing price of Rs 102.05. It touched the intra-day high of Rs 103.65.
China’s inflation picked up previous month, led by gains in prices of food and services items, a sign that demand in the world’s second biggest worth may be stabilizing amidst a flurry of interest rate cuts and fiscal stimulus push, bolstering the demand outlook for zinc, given that the country is the world’s biggest metals consumer.
China’s consumer prices rose by 1.5 per cent in Nov 2015 from the same month a year ago, compared to analysts’ estimates for a 1.4 per cent gain, and topping October’s 1.3% yearly advance. Further, produce price deflation decelerated as factory-gate prices fell 5.9%, year on year in November 2015, the 45th straight drop, but lower than the estimated 6 per cent decline.
At the MCX, Zinc futures for December 2015 agreement ended at Rs 102.25 per kg, up by 0.20 per cent after opening at Rs 102.15, against the last closing price of Rs 102.05. It touched the intra-day high of Rs 103.65.
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