Zinc down on weak physical demand

Zinc down on weak physical demand

24/06/2016 10:31

Zinc futures were trading lower during the morning trade in the domestic market on Friday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market. Further, traders are nervously eying the outcome of the EU referendum today with British voters deciding whether to keep their country in the trade block or exit the European Union. A ‘leave’ vote may instill global financial market volatility, hurting demand for global commodities. Meanwhile, a private sector gauge in the Euro area slumped to a 17-month low of 52.8 in June from 53.1 in May, but remaining above the neutral 50-mark.

Zinc futures for June 2016 contract, at MCX, were trading at Rs 135.10 per kg, down by 1.57 per cent after opening at Rs. 136.25, against the previous closing price of Rs. 137.25. It touched the intra-day low of Rs. 134.65. (At 10:33 AM).

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