Zinc futures in reverse gear

Zinc futures in reverse gear

07/02/2017 16:48

Zinc futures plunged during evening trade in the domestic market on Tuesday as investors and speculators exited their positions in the industrial metal on fall in demand due to recovery in the US dollar after a Fed official offered support for a March rate rise.

Philadelphia Federal Reserve Bank President Patrick Harker on Monday said that he would be open to raising interest rates again at the US central bank’s meeting in March if growth in jobs and wages continues.

At the MCX, zinc futures for February 2017 contract is trading at Rs 186.80 per kg, down by 0.32 per cent, after opening at Rs 187.25, against a previous close of Rs 187.40. It touched the intra-day low of Rs 186.05 (at 16:48 hours).

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