Zinc marginally down in range-bound movements

Trimmed positions in view of approaching monthly expiry, weak overseas trend dragged prices

Zinc traded a shade lower by 0.29% to Rs 101.40 per kg in futures trade today, after speculators trimmed their positions in view of approaching monthly expiry amid a weakening trend overseas.

On the MCX, zinc for delivery in June edged lower by 30 paise, or 0.29%, to Rs 101.40 per kg, with a trading volume of 948 lots.

The metal for the July delivery also moved down by similar margin to Rs 102.15 per kg, with a trade turnover of 173 lots.

Analysts said liquidating of positions by speculators ahead of monthly expiry  and a weak trend at the London Metal Exchange (LME), mainly put pressure on zinc futures prices.

Meanwhile, at the LME zinc was trading 0.2% lower at $1,772.25 per tonne.