Free MCX Tips: Zinc futures nosedived by over 2 per cent in the domestic market on Monday as investors and speculators exited positions in the industrial metal amid weak physical Requirement for Zinc in the domestic spot market.
Meanwhile, private sector growth in the Euro area cooled in September, signaling a faltering recovery in the 19-member economy, darkening the demand outlook for industrial metals. A combined gauge measuring Euro area manufacturing and services fell to 53.6 in September from 54.3 in August, with a reading above 50 signaling expansion.
Sentiment was also dampened after the World Bank cut China’s economic growth forecast for 2015 and 2016 to 6.9 per cent and 6.7 per cent, respectively, clouding the demand outlook for Zinc, given that the country is the largest global consumer of the metal.
At the MCX, Zinc futures for October 2015 contract closed at Rs 108.25 per 1 kg, down by 2.17 per cent after opening at Rs 111.55, against the previous closing price of Rs 110.65. It touched the intra-day low of Rs 108.15.
Meanwhile, private sector growth in the Euro area cooled in September, signaling a faltering recovery in the 19-member economy, darkening the demand outlook for industrial metals. A combined gauge measuring Euro area manufacturing and services fell to 53.6 in September from 54.3 in August, with a reading above 50 signaling expansion.
Sentiment was also dampened after the World Bank cut China’s economic growth forecast for 2015 and 2016 to 6.9 per cent and 6.7 per cent, respectively, clouding the demand outlook for Zinc, given that the country is the largest global consumer of the metal.
At the MCX, Zinc futures for October 2015 contract closed at Rs 108.25 per 1 kg, down by 2.17 per cent after opening at Rs 111.55, against the previous closing price of Rs 110.65. It touched the intra-day low of Rs 108.15.
No comments:
Post a Comment