Global cues, spot demand lifts zinc futures by 1.78%

Zinc futures traded higher by 1.78 per cent to Rs 200.55 per kg today as traders created speculative positions amid a firming trend in global market and uptick in demand in the domestic spot markets.
At the Multi Commodity Exchange, zinc for delivery in current month traded higher by Rs 3.50, or 1.78 per cent, to Rs 200.55 per kg in a business turnover of 320 lots.
Likewise, the metal for delivery in December edged up by Rs 3.10, or 1.57 per cent, to Rs 200.15 per kg in 914 lots.
Market analysts attributed the rise in zinc futures to a firm trend at the London Metal Exchange (LME) where the metal heading for its highest close in more than nine years on tightness in ore supply and potential production cuts at smelters in coming months.

Besides, pick up in demand at the domestic spot markets too supported the upside, they added.
Globally, at the LME zinc climbed as much as 5.4 per cent to USD 2,970 per metric tonne.