Mcx Tips - Zinc futures tumbled by over 3.5 per cent in the domestic market on Friday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market, and amidst worries that slower economic growth in China, the world’s biggest metals consumer, may curb consumption of zinc.
A drop in industrial profits in China last month signaled concerns over a worsening slowdown in the world’s second biggest economy, clouding zinc’s demand prospects. China’s industrial profits fell by 4.6 per cent, year on year in October 2015.
Meanwhile, a gauge measuring Euro area economic sentiment remained stable at 106.1 in November, signaling a slow and fragile recovery in the 19-member economy, threatening to curb zinc demand.
At the MCX, Zinc futures for November 2015 contract closed at Rs 102.55 per kg, down by 3.6 per cent after opening at Rs 105.15, against the previous closing price of Rs 106.40. It touched the intra-day low of Rs 101.9.
At the MCX, Zinc futures for November 2015 contract closed at Rs 102.55 per kg, down by 3.6 per cent after opening at Rs 105.15, against the previous closing price of Rs 106.40. It touched the intra-day low of Rs 101.9.
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