Zinc futures fall 2.28% on weak global cues

Taking weak cues from overseas markets, zinc prices fell by 2.28 per cent to Rs 205.70 per kg in futures market today after speculators trimmed positions.

At the Multi Commodity Exchange, zinc for delivery in April drifted down by Rs 4.80, or 2.28 per cent to Rs 205.70 per kg in business turnover of 211 lots.

Likewise, the metal for delivery in May shed Rs 4.65, or 2.20 per cent to Rs 206.30 per kg in 12 lots.

Analysts said cutting down of positions by traders on the back of a weak trend overseas where zinc fell to a four-month low, tracking the prices of other steel materials as demand from construction got off to a slow start in the usually strong second quarter, mainly attributed the fall in zinc prices at futures trade.

Globally, zinc for delivery in three-month slid 2.7 per cent to USD 3,150 a tonne, having earlier touched a low of USD 3,133.50, its weakest since December 12 on the London Metal Exchange.