Sluggish China demand prospects drag down Zinc futures
11/09/2014 16:08
Zinc prices fell by 1.53 per cent on Thursday at the domestic markets as weak inflation in China signaled a worsening demand outlook in the world’s biggest metals consumer. China’s consumer price index climbed 2 per cent in August 2014 from the same month a year ago, the lowest in four months, and down from an annual rise of 2.3 per cent in July 2014. Zinc futures for September 2014 contract, at MCX, were trading at Rs 138.20 per kg, down by 1.53 per cent after opening at Rs. 140.20 against the previous closing price of Rs. 140.35. It touched the intra-day low of Rs. 137.95 till the trading. (At 4.10 PM today). However, losses were curbed due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME zinc stocks fell by 75 metric tonnes to 755975 metric tonnes as on September 11, 2014. Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
11/09/2014 16:08
Zinc prices fell by 1.53 per cent on Thursday at the domestic markets as weak inflation in China signaled a worsening demand outlook in the world’s biggest metals consumer. China’s consumer price index climbed 2 per cent in August 2014 from the same month a year ago, the lowest in four months, and down from an annual rise of 2.3 per cent in July 2014. Zinc futures for September 2014 contract, at MCX, were trading at Rs 138.20 per kg, down by 1.53 per cent after opening at Rs. 140.20 against the previous closing price of Rs. 140.35. It touched the intra-day low of Rs. 137.95 till the trading. (At 4.10 PM today). However, losses were curbed due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME zinc stocks fell by 75 metric tonnes to 755975 metric tonnes as on September 11, 2014. Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
