Zinc futures decline 3.46 pc on global cues

Zinc prices dropped by 3.46 per cent to Rs 165.85 per kg in futures trading today as speculators trimmed positions, tracking a weak trend overseas.

At the Multi Commodity Exchange, zinc for delivery in August fell by Rs 5.95, or 3.46 per cent to Rs 165.85 per kg in a business turnover of 4,097 lots.

In a similar fashion, the metal for delivery in September shed Rs 5.90, or 3.42 per cent, to Rs 166.70 per kg in 166 lots.

Analysts said sentiment turned weak after Shanghai base metals dropped sharply today, with copper and zinc hitting fresh one-year lows after a broad sell-off in London in the previous session before bouncing back slightly on news of fresh US-China trade talks.

Meanwhile, Shanghai zinc slumped 5.3 per cent to 19,525 yuan a tonne, also its lowest since June 2017.