 "Zinc up 0.7% on overseas cues")
Tracking a firm global trend, zinc prices were higher by 0.77% to Rs 130.40 per kg in futures trade today as speculators created positions.
Besides, increased demand from consuming industries in the spot market supported the uptrend.
At the Multi Commodity Exchange, zinc for delivery in June rose by Re 1, or 0.77% to Rs 130.40 per kg in business turnover of 1,857 lots.
Globally, zinc for delivery in three months climbed 0.9% to $2,173 a metric tonne, the highest since February 2013 on the London Metal Exchange (LME).
Analysts said fresh positions built-up by speculators in tandem with a firm global trend on concern that supply will remain tight amid falling exchange inventories, mainly led to rise in zinc prices at futures trade.
Meanwhile, stockpiles tracked by the LME have dropped 28% this year to the lowest since December 2010.
Besides, increased demand from consuming industries in the spot market supported the uptrend.
At the Multi Commodity Exchange, zinc for delivery in June rose by Re 1, or 0.77% to Rs 130.40 per kg in business turnover of 1,857 lots.
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In a similar fashion, the metal for delivery in July contracts traded higher by the same margin to 131.10 per kg in 231 lots.
Globally, zinc for delivery in three months climbed 0.9% to $2,173 a metric tonne, the highest since February 2013 on the London Metal Exchange (LME).
Analysts said fresh positions built-up by speculators in tandem with a firm global trend on concern that supply will remain tight amid falling exchange inventories, mainly led to rise in zinc prices at futures trade.
Meanwhile, stockpiles tracked by the LME have dropped 28% this year to the lowest since December 2010.
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