Zinc futures slide 0.30 pc on global cues

Zinc prices were down by 0.30 per cent to Rs 201.55 per kg in futures trading today as speculators cut their bets, taking negative cues from the global markets.

At the Multi Commodity Exchange, zinc for delivery in June month declined by 60 paise, or 0.30 per cent to Rs 201.55 per kg in business turnover of 573 lots.

Similarly, the metal for delivery in July contract was trading lower by a similar margin at Rs 200.95 per kg in 386 lots.

Analysts said cutting down of positions by participants amid a weak trend overseas mainly weighed on zinc prices at futures trade here.

Globally, zinc for delivery in three month was down 0.5 per cent at USD 2,882 a tonne on the London Metal Exchange.

Also, the most traded August zinc contract on the Shanghai Futures Exchange edged down 0.04 per cent to 23,215 yuan (USD 3,498.40) a tonne.

At LME, zinc is set for a drop of 7 per cent in June alone, which would be its steepest monthly drop since November 2015.