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Wednesday 19 October 2016

Zinc dips on weak US housing data : 19 Oct 2016

Zinc futures fell during evening trade in the domestic market on Wednesday as investors and speculators exit positions in the industrial metal amid weak physical demand for zinc in the domestic spot market.

Further, a gauge measuring homebuilder sentiment in the US declined to 63 in October from 65 in September, signaling a faltering housing market recovery in the world’s biggest economy, clouding the demand outlook for the metal. Meanwhile, China’s economy was stable in the September quarter with GDP coming in at 6.7 percent.

At the MCX, zinc futures for October 2016 contract is trading at Rs 151.45 per kg, down by 0.59 per cent, after opening at Rs 152.35, against a previous close of Rs 152.35. It touched the intra-day low of Rs 151.20


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