Zinc turns weak in futures trade, down 0.33%

Taking cues from weak global market, zinc futures fell by 0.33% today as traders indulged in reducing their positions. 

Weak demand from consuming industries in the domestic spot market also put some pressure on zinc futures prices. 

At the Multi Commodity Exchange, zinc for delivery in July shed 35 paise, or 0.33%, to Rs 106.40 per kg, with a business turnover of 790 lots. The metal for delivery in August also fell by the same margin to Rs 107.45 per kg, with a trade turnover of 26 lots.

Analysts said a weakening trend in base metals at the London Metal Exchange on demand worries, after Moody's downwgrade of Portugal's credit rating, and slackness in spot demand led to the fall in zinc futures prices.