Subdued physical demand bites zinc

Subdued physical demand bites zinc

21/12/2016 16:58

Zinc futures plunged by more than 1 per cent during evening trade in the domestic market on Wednesday as investors and speculators trimmed their positions in the industrial metal on fall in physical demand from consuming industries at the domestic market.

Further, cut down of positions by traders, taking negative cues from spot market on subdued demand from consuming industries, influenced zinc prices at futures trade.

At the MCX, zinc futures for December 2016 contract is trading at Rs 176.60 per kg, down by 1.18 per cent, after opening at Rs 178, against a previous close of Rs 178.70. It touched the intra-day low of Rs 176.55 (at 16:48 hours).

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