Zinc down by 1.2% on weak global cues
Muted demand from consuming industries in the spot market also fuelled the downtrend
 "Zinc down by 1.2% on weak global cues")
Zinc prices drifted by 1.22% to Rs 117.65 per kg in futures trade today as traders trimmed positions, tracking a weak trend overseas.
Besides, muted demand from consuming industries in the spot market fuelled the downtrend.
At the Multi Commodity Exchange, zinc for delivery in February fell by Rs 1.45, or 1.22%, to Rs 117.65 per kg, in a business turnover of 330 lots.
Likewise, the metal for delivery in March traded lower by Rs 1.40, or 1.17%, to Rs 118.20 per kg in 66 lots.
Analysts attributed the fall in zinc futures to a weak global trend where it dropped for a second day after entering a bull market yesterday, as most industrial metals fell along with stock markets and oil.
Globally, zinc for delivery in three-month lost 1% to $1,720 a metric tonne on the London Metal Exchange.
Besides, muted demand from consuming industries in the spot market fuelled the downtrend.
At the Multi Commodity Exchange, zinc for delivery in February fell by Rs 1.45, or 1.22%, to Rs 117.65 per kg, in a business turnover of 330 lots.
Likewise, the metal for delivery in March traded lower by Rs 1.40, or 1.17%, to Rs 118.20 per kg in 66 lots.
Analysts attributed the fall in zinc futures to a weak global trend where it dropped for a second day after entering a bull market yesterday, as most industrial metals fell along with stock markets and oil.
Globally, zinc for delivery in three-month lost 1% to $1,720 a metric tonne on the London Metal Exchange.
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First Published: Feb 24 2016 | 10:42 AM IST