Zinc futures succumbed to mild losses in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid tepid physical demand for zinc in the domestic spot market.
However, easing worries over China, the world’s biggest metals consumer lifted the demand outlook for zinc as stock markets in the country jumped over 2 per cent, amid signs that the nation may be able to maintain stability in the country’s equity market as Chinese Premier Li Keqiang vowed that growth in the world’s second biggest economy is stabilizing even as it faces downward pressure. China’s finance ministry unveiled plans to boost economic growth including a likely cut in taxes for small businesses and allocation of funding for infra projects.
At the MCX, Zinc futures for September 2015 contract closed at Rs 121 per 1 kg, down by 0.12 per cent after opening at Rs 121.65, against the previous closing price of Rs 121.15. It touched the intra-day low of Rs 120.65.
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