Zinc down 0.5% on global cues, sluggish demand

Amid a weak trend in the global markets and sluggish domestic demand, zinc futures fell 0.59% to Rs 127.40 per kg today as participants reduced their positions.

At the Multi Commodity Exchange, zinc for delivery in February traded lower by 75 paise, or 0.59%, to Rs 127.40 per kg, with a business turnover of 195 lots.

The metal for delivery in March fell by 65 paise, or 0.51%, to Rs 127.95 per kg in a turnover of 21 lots.

Marketmen said the fall in zinc prices at futures trade was mostly due to subdued spot demand and a weak trend in the base metals overseas after more-than-expected decline in Chinese manufacturing, raising demand concerns.