Wednesday, 13 November 2013

MCX Zinc falls by 0.33% on weak global cues

Zinc prices fell by 0.33 per cent on Tuesday at the domestic markets amid caution due to US Fed stimulus taper fears and conclusion of the Chinese Communist Party’s four-day policy meeting today where policymakers are expected to lay out a blueprint for China’s reform process. Zinc futures for November 2013 contract, at MCX, were trading at Rs 119.25 per kg, down by 0.33 per cent after opening at Rs. 119.45 against the previous closing price of Rs. 119.65. It touched the intra-day low of Rs. 118.95 till the trading.However, losses were curbed 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 2850 metric tonnes to 1012575 metric tonnes as on November 12, 2013. Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.

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