MCX Base Metal Tips: Zinc futures ended lower in the Indian market on Monday as investors and speculators exited positions in the industrial metal amidst soft physical demand for zinc in the Indian spot market.
Further, a sixth straight drop in China’s industrial companies’ profits in Nov raised fears over a hard landing in the world’s 2nd biggest economy, clouding the demand outlook for the base metal, given that China is the world’s biggest consumer of zinc. China’s industrial profits fell 1.4%, year on year in November 2015, data showed over the weekend.
Meanwhile, Japan’s industrial production fell for the first time in three months, down by 1 per cent in November from the previous month, raising concerns over the world’s third biggest economy, darkening the demand outlook for the base metal.
At the MCX, Zinc futures for December 2015 contract closed at Rs 100.9 per kg, down by 0.25 per cent after opening at Rs 101.05, against the last closing price of Rs 101.15. It touched the intra-day low of Rs 100.35.
Further, a sixth straight drop in China’s industrial companies’ profits in Nov raised fears over a hard landing in the world’s 2nd biggest economy, clouding the demand outlook for the base metal, given that China is the world’s biggest consumer of zinc. China’s industrial profits fell 1.4%, year on year in November 2015, data showed over the weekend.
Meanwhile, Japan’s industrial production fell for the first time in three months, down by 1 per cent in November from the previous month, raising concerns over the world’s third biggest economy, darkening the demand outlook for the base metal.
At the MCX, Zinc futures for December 2015 contract closed at Rs 100.9 per kg, down by 0.25 per cent after opening at Rs 101.05, against the last closing price of Rs 101.15. It touched the intra-day low of Rs 100.35.
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