Zinc futures kicked off the new trading week on a bearish note as investors and speculators exited positions in the industrial metal amidst soft physical demand for Zinc in the domestic spot market.
However, a pickup in new lending in China, the world’s biggest metals consumer, signaled an easing economic slowdown in the country, improving the demand outlook for Zinc, trimming losses in the industrial metal.
Lending by Chinese banks and financial institutions soared by 42 per cent to 1.28 trillion yuan in June 2015, marking the biggest gain since January, official data represented.
At the MCX, Zinc futures for July 2015 contract closed at Rs 130.75 per 1 kg, down by 0.42 per cent after starting at Rs 131.10, against the previous closing price of Rs 131.30. It touched the intra-day low of Rs 130.55. (At 11:45 AM).
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