Stock Market News: Natural Gas futures finished the week on a strong note with prices rallying on Friday as traders bet that warmer weather across parts of the US may lift demand from power plants as the need for cooling homes and offices in the world’s biggest economy arises. Further, investors continued to cheer a weaker than expected stockpile-build with the latest EIA data showing that US gas stockpiles climbed by 111 billion cubic feet to 1.897 trillion cubic feet in the week ended May 8, 2015, compared to an estimated rise of 116 billion cubic feet by analysts. At the MCX, Natural Gas futures for May 2015 contract closed at Rs 192.40 per 1 kg, up by 0.94 per cent after opening at Rs 191.20, against the previous closing price of Rs 190.60. It touched the intra-day high of Rs 192.90 till the closing.
Extending Thursday’s slump, Zinc closed on a bearish note on Friday as subdued physical demand for the industrial metal in the domestic spot market and weak US economic indicators prompted a sell-off by investors and speculators. American factories grinded to a halt last month as manufacturing output remained unchanged while overall US industrial output fell 0.3 per cent in April 2015 from the previous month, marking the fifth monthly drop while the index measuring consumer confidence slipped to the lowest level since October at 88.6 in May from 95.9 in the previous month. At the MCX, Zinc futures for May 2015 contract closed at Rs 145.55 per 1 kg, down by 0.68 per cent after opening at Rs 146.70, against the previous closing price of Rs 146.55. It touched the intra-day low of Rs 144.40 till the closing.
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