Zinc futures rise 0.96 pc on positive global cues, spot demand

Zinc prices went up by 0.96 per cent to Rs 173.50 per kg in futures market Wednesday as speculators created fresh positions following positive lead from the global markets.

Besides, upsurge in demand from consuming industries at domestic spot market, too, fuelled the uptrend.

At the Multi Commodity Exchange, zinc for delivery September rose by Rs 1.65, or 0.96 per cent, to Rs 173.50 per kg in a business turnover of 1,124 lots.

Similarly, the metal for delivery in October contracts traded higher by Rs 1.65, or 0.95 per cent, to Rs 175.15 per kg in 78 lots.

Analysts said fresh positions built-up by participants in line with positive trend in Asian trade, as investors shrugged off an escalation of the US-China trade row, mainly supported the upside in zinc prices in futures trade here.

Meanwhile, zinc was the other big gainer in Shanghai, rising 2.5 per cent to its highest since September 3.