Zinc futures extends slide on weak overseas trend

Continuing its slide, zinc futures today fell further by 0.28 per cent to Rs 123.75 per kg as participants engaged inducing their exposure on a weak trend in base metals in the global market and subdued spot demand.
At the Multi Commodity Exchange, zinc for delivery in the current month traded lower 35 paise, or 0.28 per cent, to Rs 123.75 per kg, with a business turnover of 172 lots.
The metal for delivery in April month fell 25 paise, or 0.20 per cent, to Rs 124.45 per kg in a turnover of three lots.
Traders said the fall in zinc prices in futures trade was mostly in tandem with a weak trend in metal at the London Metal Exchange (LME) where it dropped for a second day, after touching its highest level in seven months earlier this week, due to a steady dollar and lackluster demand in China, the world's biggest user.

Zinc, used to galvanize steel, fell as much as 0.6 per cent to USD 1,860 per tonne at LME.