Zinc futures surged by 2 per cent in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal amidst a pickup in physical demand for zinc in the domestic spot market.
Speculation of further China stimulus after the People’s Bank of China said that it would maintain reasonable credit growth and keep the yuan stable, bolstered the demand outlook for the base metal. A report said that demand for refined zinc metal in China grew by 1.8 per cent in January-October 2015.
A firm trend in the overseas market also buoyed sentiment as stockpiles of the industrial metal fell 2,825 tonnes.
At the MCX, Zinc futures for December 2015 contract closed at Rs 107.25 per kg, up by 2 per cent after opening at Rs 104.85, against the previous closing price of Rs 105.15. It touched the intra-day high of Rs 107.35.
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