Free MCX Tips : Zinc futures rallied nearly 2 per cent in the domestic market on Monday as investors and speculators booked fresh positions in the industrial metal as a plunge in China’s exports and imports in July signaled the case for more stimulus to prop up growth in the world’s second biggest economy, brightening the demand outlook for the base metal.
China’s overseas shipments fell 8.3 per cent in July 2015 from the same month a year ago in dollar terms, more than reversing a 2.8 per cent increase in June, while imports fell 8.1%. Meanwhile, Chinese producer prices fell to the lowest level since 2009, down 5.4 per cent, year on year in July 2015, raising bets of further policy easing.
Meanwhile, China’s Shanghai Composite recorded the biggest rally in a month, up nearly 5 per cent on Monday amid speculation that policymakers may fasten mergers of state run enterprises to bolster economic growth in the world’s biggest metals consumer.
At the MCX, Zinc futures for August 2015 contract closed at Rs per 120.80 1 kg, up by 1.94 per cent after Starting at Rs 118.95, against the previous closing price of Rs 118.50. It touched the Intraday high of Rs 121.45.
China’s overseas shipments fell 8.3 per cent in July 2015 from the same month a year ago in dollar terms, more than reversing a 2.8 per cent increase in June, while imports fell 8.1%. Meanwhile, Chinese producer prices fell to the lowest level since 2009, down 5.4 per cent, year on year in July 2015, raising bets of further policy easing.
Meanwhile, China’s Shanghai Composite recorded the biggest rally in a month, up nearly 5 per cent on Monday amid speculation that policymakers may fasten mergers of state run enterprises to bolster economic growth in the world’s biggest metals consumer.
At the MCX, Zinc futures for August 2015 contract closed at Rs per 120.80 1 kg, up by 1.94 per cent after Starting at Rs 118.95, against the previous closing price of Rs 118.50. It touched the Intraday high of Rs 121.45.
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