MCX BASE METAL TIPS | Zinc futures fell by 0.95% to Rs 99.20 per kg in futures trade today as speculators reduced positions in the midst of a weak trend overseas. Besides, low demand in domestic spot markets fuelled the downtrend. Zinc futures for December 2015 agreement, at MCX, were trading at Rs 99.20 per kg, down by 0.95 per cent after opening at Rs. 100.55 against the last closing price of Rs. 100.15. It touched the intra-day low of Rs. 98.65 till the trading. (At 4.20 PM today).
However, losses were limited because of the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the strong requirement for the commodity. LME copper stocks fell by 3875 metric tonnes to 500395 metric tonnes as on Dec 16, 2014. Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
However, losses were limited because of the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the strong requirement for the commodity. LME copper stocks fell by 3875 metric tonnes to 500395 metric tonnes as on Dec 16, 2014. Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
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