Commodity Updates - Zinc futures tumbled by about 1 per cent in the domestic market on Thursday as investors and speculators exited positions in the industrial metal weak physical demand for zinc in the domestic spot market.
A slowdown in China’s services activity in Nov signaled concerns over the world’s second biggest economy, darkening the demand outlook for zinc. China’s services gauge declined to 51.2 in November from 52 in October, with a reading above 50 signaling expansion.
However the losses in Zinc were curbed by optimism over the health of the 19-member Euro area economy which lifted the demand prospects for industrial metals. ECB scaled up stimulus for the region while a combined gauge measuring Euro area manufacturing and services climbed to 54.2 in November from 53.9 in October.
At the MCX, Zinc futures for December 2015 contract closed at Rs 102.15 per kg, down by 0.92 per cent after opening at Rs 102.55, against the closing price of Rs 103.10. Its near to touched the intra-day low of Rs 101.10.
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