Zinc bears rule the roost

Zinc bears rule the roost

20/10/2016 16:45

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

Uncertainty whether the European Central Bank which meets today will extend its bond buying program kept traders on the back foot.

Investors were also focused on a raft of US economic data including weekly jobless claims, September existing home sales, leading index and Philadelphia manufacturing survey.

At the MCX, zinc futures for October 2016 contract is trading at Rs 152.85 per kg, down by 0.59 per cent, after opening at Rs 153.80, against a previous close of Rs 153.75. It touched the intra-day low of Rs 152.15 (at 16:39 PM).

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