Firm physical demand lifts Zinc

Firm physical demand lifts Zinc

02/08/2016 15:28

Zinc futures rose during noon trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for zinc in the spot market.

However, the gains in the base metal were curbed by weak global factory growth which threatened to cut demand as manufacturing in the US, China and Euro area slowed in July. While the gauge measuring US manufacturing fell to 52.6 In July from a one-year high of 53.2 in June, that in China returned to contraction territory, declining to 49.9 from 50 in June, with a reading below 50 signaling contraction. The Euro area manufacturing PMI fell to 52 in July from 52.8 in June.

At that MCX, zinc futures for August 2016 contract is trading at Rs 152.2 per kg, up by 0.50 per cent, after opening at Rs 151.50, against a previous close of Rs 151.45. It touched the intra-day high of Rs 152.3 (at 15:22 hours).

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