Zinc futures Surged in the Domestic Market

Zinc updates - Zinc futures surged in the domestic market during noon trade on Thursday as investors and speculators booked fresh positions in the industrial metal amidst a pickup in physical demand for zinc in the domestic spot market.

Further, fresh monetary policy measures in Japan aimed at bolstering growth in the world’s third biggest economy lifted the demand outlook for the metal as the Bank of Japan adopted negative interest rates to spur lending while maintaining its record asset purchase program which includes its 80 trillion yen annual government bond purchases. The apex bank introduced a rate of minus 0.1 per cent on certain excess holdings of cash.

At the MCX, Zinc futures for January 2016 contract is trading at Rs 107.85 per kg, up by 0.33 per cent after opening at Rs 107.6, against the previous closing price of Rs 107.5. It touched the intra-day high of Rs 107.9.