Weak global cues hurt zinc futures by 1.25%

Zinc prices fell by 1.25 per cent to Rs 106.55 per kg in futures trade today amid offloading of positions by speculators on weak cues from overseas markets.
Besides, subdued spot demand at domestic markets weighed on the prices.
At the Multi Commodity Exchange, zinc for delivery in February was trading lower by Rs 1.35, or 1.25 per cent, at Rs 106.55 per kg in a moderate business turnover of four lots.
The metal for delivery this month also shed 90 paise, or 0.84 per cent at Rs 105.70 in 949 lots.
Analysts said besides subdued demand at domestic spot markets, a weak trend at the London Metal Exchange (LME), where the base metals pack retreated after two key gauges of manufacturing in China showed factory activity in the world's biggest metals consumer contracted again, underscoring weak demand, put pressure on zinc prices at futures trade.

Globally, zinc for delivery in three months at the LME dropped 1.1 per cent a metric tonne.