Zinc futures rallied during noon trade in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for Zinc in the domestic spot market.
However, the gains in the metal were capped by fears that a worsening economic slowdown in China, the world’s biggest metals consumer, may curb demand for Zinc as a renewed slide in stock markets in China threatened to signal deep-rooted problems in the world’s second biggest economy.
Following nearly a 10 per cent combined gain in the past two trading sessions, China’s benchmark index, the Shanghai Composite, skid by 0.80 per cent on Monday amid speculation that the government may end its intervention to prop up stock markets.
At the MCX, Zinc futures for August 2015 contract closed at Rs per 121.30 per 1 kg, up by 0.46 per cent after opening at Rs 120.25, against the previous closing price of Rs 120.75. It touched the intra-day high of Rs 121.50.
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