Zinc futures gain 0.83% on overseas cues

17/05/2017 16:58

Zinc futures were trading higher during evening trade in the domestic market on Wednesday as investors and speculators extended their positions in the industrial metal on upsurge in physical demand due to weakness in Asian equities and US dollar amid controversy around US President Donald Trump that he tried to quash an FBI probe.

According to Reuters report, Trump asked his now dismissed FBI Director James Comey to end a probe into ties between former national security adviser Michael Flynn and Russia, according to a source who has seen a memo written by Comey. The memo raises questions about whether Trump tried to interfere with a federal investigation. The White House denied the report.

At the MCX, zinc futures for May 2017 contract is trading at Rs 164.40 per kg, up by 0.83 per cent, after opening at Rs 163.60, against a previous close of Rs 163.05. It touched the intra-day high of Rs 164.90 (at 16:58 hours).

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