MCX BASE METAL TIPS: Zinc futures shed nearly 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, manufacturing activity in China shrank at a faster pace in December, marking a tenth straight month of contraction, signaling a worsening economic growth outlook in the world’s largest metals consuming nation, darkening the demand prospects for Zinc. The Caixin China General Manufacturing PMI fell to 48.2 in Dec from 48.6 in November, with a reading below 50 signaling contraction.
Investors cast aside data which showed a strengthening recovery in the 19-member Euro area economy as a gauge measuring manufacturing climbed to 53.2 in December from 52.8 in November.
At the MCX, Zinc futures for January 2016 contract closed at Rs 104.5 per kg, down by 1.97 per cent after opening at Rs 105.7, against the previous closing price of Rs 106.6. It touched the intra-day low of Rs 103.3.
Further, manufacturing activity in China shrank at a faster pace in December, marking a tenth straight month of contraction, signaling a worsening economic growth outlook in the world’s largest metals consuming nation, darkening the demand prospects for Zinc. The Caixin China General Manufacturing PMI fell to 48.2 in Dec from 48.6 in November, with a reading below 50 signaling contraction.
Investors cast aside data which showed a strengthening recovery in the 19-member Euro area economy as a gauge measuring manufacturing climbed to 53.2 in December from 52.8 in November.
At the MCX, Zinc futures for January 2016 contract closed at Rs 104.5 per kg, down by 1.97 per cent after opening at Rs 105.7, against the previous closing price of Rs 106.6. It touched the intra-day low of Rs 103.3.
No comments:
Post a Comment