Zinc futures drop on global cues

Zinc futures drop on global cues

28/12/2016 16:48

Zinc futures fell during evening trade in the domestic market on Wednesday as investors and speculators exited their positions in the industrial metal to book profits and concerns about demand growth in the world’s top commodities market lingered.

Traders said concerns about Chinese property market, pointing to moves to limit property speculation in next year and a likely drop-off in Chinese government’s efforts to boost demand.

Also, participants indulged in speeding up book-squaring ahead of year-end holidays. At the MCX, zinc futures for December 2016 contract is trading at Rs 173.70 per kg, down by 0.29 per cent, after opening at Rs 173.50, against a previous close of Rs 174.20. It touched the intra-day low of Rs 171.55 (at 16:42 hours).

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