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Zinc rises by 0.4% on global cues

Besides, increased demand from consuming industries in spot markets supported the uptrend

Press Trust of India New Delhi
Zinc prices rose by 0.42% to Rs 131.20 per kg in futures trading today in tandem with a firming trend overseas.

Besides, increased demand from consuming industries in spot markets supported the uptrend.

At the Multi Commodity Exchange, zinc for delivery in current month was trading higher by 55 paise, or 0.42%, to Rs 131.20 per kg in a business turnover of 333 lots.

The metal for delivery in August in restricted activity gained 50 paise, or 0.38%, to trade at Rs 131.85 per kg in volume of just six lots.

Market analysts attributed the rise in zinc futures to fresh positions created by participants on the back of a firm global trend as Chinese economic data came in ahead of estimates.
 

Chinese gross domestic product expanded 7% in the second quarter from a year earlier, beating estimates for a 6.8% increase, while June industrial-production and retail-sales growth topped economists' projections.

Meanwhile, zinc for delivery in three months added 0.8% on the London Metal Exchange, advancing for the sixth day.

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First Published: Jul 15 2015 | 10:57 AM IST

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