Zinc futures soften 0.72%, in line with global trend

Zinc futures traded 0.72 per cent lower at Rs 123.90 per kg today after speculators trimmed positions, tracking a weak trend at the London Metal Exchange (LME).
In futures trading at the Multi Commodity Exchange, zinc for delivery in April declined 90 paise, or 0.72 per cent, to Rs 123.90 per kg. It clocked a business turnover of 92 lots.
On similar lines, the metal for delivery this month was trading lower by 85 paise, or 0.68 per cent, at Rs 123.35 per kg in 1,258 lots.
Analysts said weakness in zinc futures trade was mostly due to a falling trend at the LME where it slipped from seven-month high as the prospect of an acceleration in US rate hikes supported the dollar, reducing demand for the metals.

Globally, zinc lost as much as 1.2 per cent to USD 1,852.50 a metric tonne at the LME.
Meanwhile, zinc is 15 per cent higher this year amid a broader rebound in commodities from the multi-year lows plumbed in 2015.