Zinc futures Extended losses in the Domestic Market

Zinc futures extended losses in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal amid weak physical demand for Zinc in the domestic spot market.

Further, a slump in German factory orders in August signaled a faltering recovery in Europe’s biggest economy, darkening the demand outlook for industrial metals. German factory orders fell by 1.8 per cent in August from the previous month when they declined a revised 2.2 per cent in July.

Meanwhile, the IMF cut its global economic growth forecast to 3.1 per cent for 2015 from 3.3 per cent earlier and to 3.6 per cent in 2016, from 3.8 per cent amid lower growth in emerging markets, darkening the demand outlook for base metals.

At the MCX, Zinc futures for October 2015 contract closed at Rs 107.9 per 1 kg, down 0.32 per cent after opening at Rs 108.7, against the previous closing price of Rs 108.25. It touched the intra-day low of Rs 107.45. 

 

 

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