Zinc succumbs to profit-booking; softens 0.18 per cent

Zinc prices traded lower by 0.18 per cent to 138.45 per kg in futures trade today after speculators trimmed positions to book profits, ignoring a firming trend in the global markets.
At the Multi Commodity Exchange, zinc for delivery in September declined by 25 paise, or 0.18 per cent, to Rs 138.45 per kg in business turnover of 300 lots.
Likewise, the metal for delivery in the October contracts softened by 20 paise, or 0.14 per cent, to Rs 139.10 per kg in 33 lots.
Analysts said the weakness in zinc at futures trade was mostly attributed to profit-booking by speculators and a weak spot demand, but gains in metals at the London Metal Exchange after US new-home sales climbed to a six-year high, boosting the demand outlook in the second-biggest user, limited losses.