Zinc down 0.3% on weak global trend

Zinc futures fell by 0.29% to Rs 102.80 per kg today as speculators reduced their positions in tandem with weakness in base metals in global markets.

At the Multi Commodity Exchange, zinc for delivery in March shed 30 paise, or 0.29%, to Rs 102.80 per kg, with a trade turnover of 95 lots.

February zinc lost 25 paise, or 0.24%, to Rs 101.80 per kg, with a business volume of 1,043 lots.

Meanwhile, at the London Metal Exchange, zinc fell 0.9% to $2,057 per tonne.

Analysts attributed the fall in zinc futures prices to a weak trend in base metals overseas after Moody's Investors Service cut the debt ratings of six European nations, damping the region's growth and demand outlook.