Friday, 23 December 2016

Zinc futures drop on global cues : 23 Dec 2016

Zinc futures fell during evening trade in the domestic market on Friday as investors and speculators exited their positions in the industrial metal due to a downtick in physical demand after trade data showed that some Chinese metal imports dropped sharply in the month of November and on concerns of oversupply.

As per the customs data showed on Thursday, China’s imports of zinc, refined copper, and nickel fell by double-digit percentages in November, although aluminum shipments into the world’s top base metals producers jumped sharply.

Also, participants indulged in speeding up book-squaring ahead of year-end holidays. At the MCX, zinc futures for December 2016 contract is trading at Rs 176.25 per kg, down by 0.93 per cent, after opening at Rs 176.90, against a previous close of Rs 177.90. It touched the intra-day low of Rs 175.25 

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