Zinc up 0.58% on overseas cues, spot demand
Speculators enlarge positions as base metals firm up on improved demand prospects in China
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Taking positive cues from global markets and better domestic demand, zinc futures today edged up by 0.58 per cent to Rs 138.35 per kg as speculators enlarged positions.
At the Multi Commodity Exchange, zinc for delivery in November moved up by 80 paise, or 0.58 per cent, to Rs 138.35 per kg, with a business turnover of 111 lots.
The metal for delivery in December also rose by 75 paise, or 0.54 per cent, to Rs 138.90 per kg in a business volume of 3 lots.
Marketmen said improved demand in the spot market amid a firming trend in base metals overseas after economic data pointed to improved demand prospects in China and the US, the two largest consumers of industrial metals, mainly influenced zinc prices in futures trade here.
Globally, zinc at the London Metal Exchange (LME) rose as much as 0.3 per cent, to $2,251 per tonne.
At the Multi Commodity Exchange, zinc for delivery in November moved up by 80 paise, or 0.58 per cent, to Rs 138.35 per kg, with a business turnover of 111 lots.
The metal for delivery in December also rose by 75 paise, or 0.54 per cent, to Rs 138.90 per kg in a business volume of 3 lots.
Marketmen said improved demand in the spot market amid a firming trend in base metals overseas after economic data pointed to improved demand prospects in China and the US, the two largest consumers of industrial metals, mainly influenced zinc prices in futures trade here.
Globally, zinc at the London Metal Exchange (LME) rose as much as 0.3 per cent, to $2,251 per tonne.
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First Published: Nov 10 2014 | 11:20 AM IST