MCX Zinc rises by 2.32% on upbeat German Ifo data

Zinc prices rose by 2.32 per cent on Today at the domestic markets after German research institute, Ifo said its Business Climate Index rose to a seasonally adjusted 107.5 in August from a reading of 106.2 in July signaling an improving sentiment in the region which raised the demand outlook for the commodity. Zinc futures for August 2013 contract, at MCX, were trading at Rs. 128.15 per kg, up by 2.32 per cent after opening at Rs. 126.15 against the previous closing price of Rs. 125.25. It touched the intra-day high of Rs. 128.40 till the trading.However, gains were curbed due to the surge in the zinc stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME zinc stocks rose by 1275 metric tonnes to 1024850 metric tonnes as on August 27, 2013. Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.