Zinc rises 0.71% on firm overseas trend, spot demand

Zinc futures today rose by Rs 0.70, or 0.71 per cent, to Rs 98.65 per kg as speculators built up fresh positions following firm global trends.

The zinc contract for delivery in August traded Rs 0.70, or 0.71 per cent, higher at Rs 98.65 per kg, with a turnover of 902 lots at the Multi Commodity Exchange.

The September contract gained Rs 0.65, or 0.66 per cent, to trade at Rs 99.65 per kg. At the London Metal Exchange, zinc rose 0.5 per cent to $2,140 a tonne in early trade today.

Analysts attributed the rise in zinc futures to firming trend at the London Metal Exchange after weak dollar raised its appeal as an alternative investment.

Besides, better trend in spot market on pick up in demand also helped the metal strengthen.