Zinc dips on weak US housing data

19/10/2016 17:04

Zinc futures fell during evening trade in the domestic market on Wednesday as investors and speculators exit positions in the industrial metal amid weak physical demand for zinc in the domestic spot market.

Further, a gauge measuring homebuilder sentiment in the US declined to 63 in October from 65 in September, signalling a faltering housing market recovery in the world’s biggest economy, clouding the demand outlook for the metal. Meanwhile, China’s economy was stable in the September quarter with GDP coming in at 6.7 per cent.

At the MCX, zinc futures for October 2016 contract is trading at Rs 151.45 per kg, down by 0.59 per cent, after opening at Rs 152.35, against a previous close of Rs 152.35. It touched the intra-day low of Rs 151.20 (at 05:09 PM).

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s