Zinc futures up 1.09% tracking global cues

Zinc prices were up by 1.09 per cent to Rs 194.50 per kg in futures trading today as participants built up positions, taking positive global cues amid pick up in demand in the domestic spot market.
In futures trading at the Multi Commodity Exchange, zinc for delivery in November rose by Rs 2.10, or 1.09 per cent, to Rs 194.50 per kg, in a business turnover of 203 lots.
Similarly, the metal for delivery in December traded higher by Rs 1.95, or 1.01 per cent, to Rs 194.70 per kg in 111 lots.
Analysts said traders created fresh positions largely on the back of a firming trend in zinc where it touched a nine-year high after China's top economic commission approved a USD 36 billion plan on new rail links around Beijing, boosting demand for industrial raw materials, influenced metal prices at futures trade here.

Globally, zinc for delivery in three months rose 2.9 per cent to settle at USD 2,900 per tonne on the London Metal Exchange, after touching USD 2,985, the highest since October 2007.
Besides, pick up in demand from consuming industries in the domestic spot market too supported the upside in the metal prices, they said.