Zinc futures slip 0.67% on global cues

Zinc futures slip 0.67% on global cues

12/06/2017 17:43

Zinc futures were trading lower during evening trade in the domestic market on Monday as investors and speculators exited their positions in the industrial metal ahead of the US Fed meeting and economic data from top consumer, China, which could yield clues to future demand growth.

Further, the central bank is widely expected to raise interest rates at its two-day meeting. Meanwhile, the focus will be on any fresh hints on the pace of further tightening in the months to come and next year, and any further details on its plans for trimming its balance sheet.

Besides, China’s economy is expected to show steady growth in May, buoyed by solid gains in trade and investment as economic ties with the US take a positive turn and infrastructure spending cushions domestic growth.

At the MCX, zinc futures for June 2017 contract is trading at Rs 162.05 per kg, down by 0.67 per cent, after opening at Rs 162.70, against a previous close of Rs 163.15. It touched the intra-day low of Rs 161.55 (at 17:43 hours).

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