Zinc futures slide 0.70% on profit booking, global cues

Zinc prices eased by 0.70 per cent to Rs 163.50 per kg in futures trade today as traders booked profits, driven by a fall in demand from consuming industries in the spot market amid a weak trend overseas.

At the Multi Commodity Exchange, zinc for delivery in November drifted lower by Rs 1.15, or 0.70 per cent, to Rs 163.50 per kg, in a business turnover of 10,257 lots.

Likewise, the metal for delivery in December traded lower by a similar margin to Rs 164.15 per kg in 401 lots.

Analysts said besides profit-booking by participants at prevailing levels, fall in demand from consuming industries in the spot market amid a weak global trend mainly led to decline in zinc prices at futures trade.