Zinc futures shed 0.94 pc on low demand, weak global cues

Zinc prices moved down by 0.94 per cent to Rs 205.20 per kg in futures trading today as traders cut down bets, tracking a weak trend at domestic spot markets due to fall in demand from consuming industries.

Moreover, weakness in the industrial metals pack at the London Metal Exchange (LME) and ending November series on Thursday, kept pressure on the metal prices.

In futures trading at the Multi Commodity Exchange, zinc for delivery in November fell by Rs 1.95, or 0.94 per cent, to Rs 205.20 per kg in a business turnover of 1,035 lots.

Similarly, the metal for delivery in December traded lower by Rs 1.80, or 0.87 per cent, to Rs 204.75 per kg in 152 lots.
 

Analysts said apart from squaring up of positions by speculators in view of ending November series on Thursday, low demand at the domestic spot markets and a weak trend at the LME, weighed on zinc prices at futures trade.

On the LME, zinc fell by 1.38 per cent to USD 3,190 per tonne.