Free Mcx Tips : Zinc futures notched up gains of 2.8 per cent in the domestic market on Wednesday as a weaker dollar boosted the appeal of the industrial metal as an alternative asset. Weaker greenback makes the metal cheaper for those holding other currencies, this bolstering demand.
The dollar weakened on speculation that the China devaluation moves may push back tightening of interest rates by the US Federal Reserve, bolstering the prospects of the base metal.
Investors cast aside tepid Chinese data which exasperated fears over a worsening slowdown in the world’s second biggest economy and a second straight devaluation of the Yuan by China’s central bank that threatened to cut imports of the metal in the world’s biggest metals consumer.
China’s industrial output growth plummeted to 6 per cent; year on year in July 2015 from 6.8% in June 2015, while retail sales lagged estimates and urban fixed asset investment expanded at the slowest pace since 2000, up 11.2 percent in the January-July 2015 period.
At the MCX, Zinc futures for August 2015 contract closed at Rs per 119.40 1 kg, up by 2.8 per cent after opening at Rs 115.85, against the last closing price of Rs 116.15. It touched the intra-day high of Rs 119.55.
The dollar weakened on speculation that the China devaluation moves may push back tightening of interest rates by the US Federal Reserve, bolstering the prospects of the base metal.
Investors cast aside tepid Chinese data which exasperated fears over a worsening slowdown in the world’s second biggest economy and a second straight devaluation of the Yuan by China’s central bank that threatened to cut imports of the metal in the world’s biggest metals consumer.
China’s industrial output growth plummeted to 6 per cent; year on year in July 2015 from 6.8% in June 2015, while retail sales lagged estimates and urban fixed asset investment expanded at the slowest pace since 2000, up 11.2 percent in the January-July 2015 period.
At the MCX, Zinc futures for August 2015 contract closed at Rs per 119.40 1 kg, up by 2.8 per cent after opening at Rs 115.85, against the last closing price of Rs 116.15. It touched the intra-day high of Rs 119.55.
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