Zinc up by 0.6% on spot demand

Zinc futures prices edged up by 0.59% to Rs 128.95 per kg today after speculators enlarged positions on the back of rising demand in domestic spot markets along with a firming trend overseas.

At the Multi Commodity Exchange, zinc for delivery in current month moved up by 75 paise, or 0.59%, to Rs 128.95 per kg in a business turnover of 722 lots.

The metal for delivery in March gained 50 paise, or 0.39%, to trade at Rs 129.45 per kg with a business turnover of 172 lots.

According to marketmen, apart from improved demand in the spot markets, a firming trend in the select base metals at the London Metal Exchange (LME) in the backdrop of a private gauge of manufacturing in China unexpectedly signalling expansion in the world's largest metals consumer, supported the upside in zinc futures.

Globally, zinc for delivery in three months at the LME rose 0.6% to $2,087 per tonne.