FREE MCX TIPS | Zinc futures were trading tad lower during late morning trade in the domestic market on Wednesday as investors and speculators stayed cautious of booking fresh positions in the industrial metal amid sluggish physical demand for zinc in the domestic spot market.
However, signs of demand stabilization in China, the world’s biggest metals consumer, supported zinc as China’s consumer price inflation accelerated in November amidst a host of stimulus measures which included six interest rate cuts over the past 12 months.
China’s consumer prices rose by 1.5 per cent in November 2015 from the same month a year ago, correlate to analysts’ estimates for a 1.4 per cent gain, and topping October’s 1.3 per cent annual advance.
At the MCX, Zinc futures for December 2015 contract is trading at Rs 101.95 per 1 kg, down by 0.10 per cent after opening at Rs 102.15, against the previous closing price of Rs 102.05. It touched the intra-day low of 101.85. (At 11:47 AM).
However, signs of demand stabilization in China, the world’s biggest metals consumer, supported zinc as China’s consumer price inflation accelerated in November amidst a host of stimulus measures which included six interest rate cuts over the past 12 months.
China’s consumer prices rose by 1.5 per cent in November 2015 from the same month a year ago, correlate to analysts’ estimates for a 1.4 per cent gain, and topping October’s 1.3 per cent annual advance.
At the MCX, Zinc futures for December 2015 contract is trading at Rs 101.95 per 1 kg, down by 0.10 per cent after opening at Rs 102.15, against the previous closing price of Rs 102.05. It touched the intra-day low of 101.85. (At 11:47 AM).
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