Zinc rises by 0.7% on global cues

Rising domestic spot demand also supported the upside

Tracking a firming trend in base metals at the London Metal Exchange and rising demand at domestic spot markets, zinc prices rose by 0.70% to Rs 128.90 per kg in futures trading today as speculators enlarged positions.

At the Multi Commodity Exchange, zinc for delivery in January moved up by 90 paise, or 0.70%, to Rs 128.90 per kg in a business turnover of 403 lots.

Likewise, the metal for delivery in February edged up by 80 paise, or 0.62%, to Rs 129.20 per kg in 31 lots.

Market analysts attributed the rise in zinc futures to fresh positions created by participants on the back of a firm global trend largely on the back of better-than-forecast economic growth in China, the world's largest consumer.

Gross domestic product rose 7.4% in 2014 from a year earlier, the statistics bureau said in Beijing, beating the estimated 7.3%.