Zinc up by 0.5% on global cues

Zinc prices surged by 0.51% to Rs 118.60 per kg in futures trade today as participants built up positions, taking positive cues from overseas markets.

Besides, pick up in demand from consuming industries at domestic spot market fuelled the uptrend.

At Multi Commodity Exchange, zinc for delivery in February month rose by 60 paise, or 0.51% to Rs 118.60 per kg in business turnover of 559 lots.

Likewise, the metal for delivery in March contracts edged up by 45 paise, or 0.38% to Rs 119.10 per kg in 18 lots.

Analysts said a firming trend global trend where zinc advanced to trade near a three-month high due to a weaker dollar and signs of tighter global supply, drove the upside in zinc prices at futures trade.
 

Meanwhile, zinc for delivery in three months rose 0.8% to $1,737.50 a metric tonne on the London Metal Exchange.

The metal used to galvanize steel had touched $1,739 yesterday, the highest since October 29, after stockpiles at warehouses tracked by the LME fell for a 13th straight session.