FREE MCX TIPS | Zinc futures plunged over 2 per cent in the domestic market on Monday as investors and speculators exited positions in the industrial metal amidst weak physical demand for zinc in the domestic spot market.
Further, a weaker than expected rise in industrial output in Germany signaled a slowdown in the recovery in Europe’s biggest economy, clouding the demand outlook for the base metal. German industrial output rose 0.2 per cent in October from September, when it had dipped 1.1 per cent. Analysts had estimated a 0.7 per cent rise in German industrial production in October.
Fears that a worsening slowdown in China’s economy may curb demand for industrial metals, given that China is the world’s biggest metals consumer, also plagued sentiment. Zinc may extend losses today as data showed a worsening China trade slump which exacerbated fears over the health of the world’s second biggest economy.
At the MCX, Zinc futures for December 2015 contract closed at Rs 101 per kg, down by 2.08 per cent after opening at Rs 103.5, against the previous closing price of Rs 103.15. It touched the intra-day low of Rs 100.8.
Further, a weaker than expected rise in industrial output in Germany signaled a slowdown in the recovery in Europe’s biggest economy, clouding the demand outlook for the base metal. German industrial output rose 0.2 per cent in October from September, when it had dipped 1.1 per cent. Analysts had estimated a 0.7 per cent rise in German industrial production in October.
Fears that a worsening slowdown in China’s economy may curb demand for industrial metals, given that China is the world’s biggest metals consumer, also plagued sentiment. Zinc may extend losses today as data showed a worsening China trade slump which exacerbated fears over the health of the world’s second biggest economy.
At the MCX, Zinc futures for December 2015 contract closed at Rs 101 per kg, down by 2.08 per cent after opening at Rs 103.5, against the previous closing price of Rs 103.15. It touched the intra-day low of Rs 100.8.
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