 "Zinc falls by 0.7% on weak global cues")
Zinc prices fell by 0.66% to Rs 120.55 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 this month was trading lower by 80 paise, or 0.66%, at Rs 120.55 per kg in a moderate business turnover of 590 lots.
Analysts said besides subdued demand at domestic spot markets, a weak trend at the London Metal Exchange (LME), where the base metals weakened as Goldman Sachs Group reiterated its view that the structural drivers for last year's slump in prices remain intact, kept pressure on zinc futures here.
Meanwhile, Goldman said it sees copper and aluminum prices falling as much as 20% in the next 12 months and views long positions in zinc as risky, according to a note dated March 7.
Besides, subdued spot demand at domestic markets weighed on the prices.
At the Multi Commodity Exchange, zinc for delivery this month was trading lower by 80 paise, or 0.66%, at Rs 120.55 per kg in a moderate business turnover of 590 lots.
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The metal for delivery in April also shed 65 paise, or 0.53% at Rs 121.35 in 19 lots.
Analysts said besides subdued demand at domestic spot markets, a weak trend at the London Metal Exchange (LME), where the base metals weakened as Goldman Sachs Group reiterated its view that the structural drivers for last year's slump in prices remain intact, kept pressure on zinc futures here.
Meanwhile, Goldman said it sees copper and aluminum prices falling as much as 20% in the next 12 months and views long positions in zinc as risky, according to a note dated March 7.
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