Zinc up by 0.1% on global cues

Zinc prices were up by 0.08% to Rs 121.05 per kg in futures trade today as traders built up fresh positions, tracking a firm trend overseas.

Besides, an increased demand from consuming industries at spot markets fuelled the uptrend.

At the Multi Commodity Exchange, zinc for delivery in Feburary month edged up by 10 paise, or 0.08% to Rs 121.05 per kg in business turnover of 149 lots.

Likewise, the metal for delivery in far-month March contracts traded higher by a similar margin to Rs 121.55 per kg in 19 lots.

Analysts attributed the rise in zinc futures to fresh positions created by participants on the back of a firm global trend where industrial metals advanced on speculation that China is capable of maintaining its growth, supporting demand in the top user, while data from the US indicated interest rates may remain lower for longer.
 

Globally, zinc, which entered a bull market this week, rose 2.3% to $1,795 a metric tonne on the London Metal Exchange.