MCX Zinc rises by 0.51% on declining stockpiles

Zinc prices rose by 0.51 per cent on Today at the domestic markets 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 4425 metric tonnes to 1010400 metric tonnes as on August 29, 2013. Zinc futures for August 2013 contract, at MCX, were trading at Rs. 128.55 per kg, up by 0.51 per cent after opening at Rs. 128.40 against the previous closing price of Rs. 127.90.Prices also rose after Organization for Economic Co-operation and Development said that Italian Business Confidence rose to a seasonally adjusted 92.9, from 91.8 in the preceding month which further raised the demand outlook for the metal. Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.