Zinc down on weak global cues

Weak market sentiment urged speculators to reduce their positions

Taking weak cues from global market and sluggish demand at spot markets, zinc futures prices today fell by 0.48% to Rs 103.80 per kg after speculators indulged in reducing their positions.

At the MCX, zinc for delivery in June traded lower by 50 paise, or 0.48%, to Rs 103.80 per kg in business turnover of 74 lots.

The May contract was lower by 45 paise, or 0.43%, at Rs 103.05 per kg in 1,251 lots.

Market analysts said besides slackness in demand from consuming industries at domestic spot markets, weakness in most of base metals at the London Metal Exchange (LME), also put pressure on the zinc futures prices here.

Meanwhile, zinc shed 0.3% to $2,023.50 a tonne on the LME in early trade today.