Zinc Updates - Weak buying activity drags down Zinc futures

Zinc Updates -  Zinc futures fell by 1.81 per cent to Rs 108.45 per kg in futures trade today as speculators reduced positions in the midst of a weak trend overseas. Besides, low demand in domestic spot markets fuelled the downtrend. Zinc futures for January 2016 contract, at MCX, were trading at Rs 108.45 per kg, down by 1.81 per cent after opening at Rs. 109.30 against the previous closing price of Rs. 110.45. It touched the intra-day low of Rs. 108.15 till the trading.

However, losses were curbed due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME zinc stocks fell by 2700 metric tonnes to 473325 metric tonnes as on February 1, 2016.
 

Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.