 "Zinc down by 1.5% on lower global trend")
Amid weak global cues and sluggish demand at domestic spot market, zinc prices plunged 1.48% to Rs 99.75 per kg in futures trade today as participants offloaded positions.
At Multi Commodity Exchange, zinc for delivery in December fell by Rs 1.50, or 1.48%, to Rs 99.75 per kg in a business turnover of 305 lots.
Similarly, the metal for delivery in November moved down by Rs 1.45, or 1.45%, to Rs 98.40 per kg in 2,525 lots.
Globally, zinc futures in Shanghai fell 3% to the lowest level since 2009. Zinc for delivery in three month sank 1.6% to $1,492.50 a metric tonne on the London Metal Exchange (LME).
Subdued demand at the spot market fuelled the downtrend, they said.
At Multi Commodity Exchange, zinc for delivery in December fell by Rs 1.50, or 1.48%, to Rs 99.75 per kg in a business turnover of 305 lots.
Similarly, the metal for delivery in November moved down by Rs 1.45, or 1.45%, to Rs 98.40 per kg in 2,525 lots.
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Analysts attributed fall in zinc futures to a weakening trend in base metals pack in the global markets where it spiraled to the lowest since July 2009 on concern that demand is sputtering in China, pulled down zinc prices at futures trade.
Globally, zinc futures in Shanghai fell 3% to the lowest level since 2009. Zinc for delivery in three month sank 1.6% to $1,492.50 a metric tonne on the London Metal Exchange (LME).
Subdued demand at the spot market fuelled the downtrend, they said.
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