Zinc up on spot demand, global cues

Speculators enlarge their positions

Amid a firm global trend and better domestic demand, zinc futures prices today rose by 0.40% to Rs 112.60 per kg today as speculators enlarged their positions.

At the Multi Commodity Exchange, the January contract edged up by 45 paise, or 0.40%, to Rs 112.60 per kg, with a business turnover of 54 lots.

The December contract traded higher by 40 paise, or 0.36% to Rs 111.90 per kg, with a business turnover of 887 lots.

Marketmen said improved demand in the spot market amid a firming trend in base metals overseas after data showed Chinese manufacturing activity may expand at a faster pace, raising demand outlook for the metals, mainly led to the rise in zinc futures prices.