Zinc futures soften 0.24% on muted spot demand

Zinc futures traded 0.24 per cent lower at Rs 124 per kg today as speculators trimmed positions even as metal strengthened at the London Metal Exchange (LME).
Zinc for delivery in current month declined by 30 paise, or 0.24 per cent, to Rs 124 per kg at the Multi Commodity Exchange, clocking a business turnover of 1,681 lots.
The metal for delivery in May softened by 25 paise, or 0.20 per cent, at Rs 124.90 per kg in 134 lots.
Analysts said the weakness in zinc at futures trade was mostly attributed to trimming of positions by speculators amid a weak trend at the domestic spot markets but firm overseas trend capped the losses.

Globally, at the LME where it traded near the eight month high of USD 1,899.50 per tonne as data showed that Chinese new-home prices increased, boosting prospects for demand, while stockpiles contracted.