Free MCX Tips: Zinc futures eased in the domestic market on Monday as investors and speculators resorted to profit booking following a nearly 10 per cent spurt in the previous session when Glencore announced a massive production cut, triggering concerns over shrinking supplies of the industrial metal.
Against the backdrop of reduction in mine supply, the global zinc market is expected to swing to a deficit of 152,000 metric tons in 2016, the International Lead and Zinc Study Group said on Friday, before Glencore’s plans to trim production by 500,000 tons.
Weak physical demand for Zinc from the domestic spot market also weighed on the industrial metal.
At the MCX, Zinc futures for October 2015 contract closed at Rs 118.25 per 1 kg, down by 0.76 per cent after opening at Rs 118.45, against the previous closing price of Rs 119.15. It touched the intra-day low of Rs 118.10.
Against the backdrop of reduction in mine supply, the global zinc market is expected to swing to a deficit of 152,000 metric tons in 2016, the International Lead and Zinc Study Group said on Friday, before Glencore’s plans to trim production by 500,000 tons.
Weak physical demand for Zinc from the domestic spot market also weighed on the industrial metal.
At the MCX, Zinc futures for October 2015 contract closed at Rs 118.25 per 1 kg, down by 0.76 per cent after opening at Rs 118.45, against the previous closing price of Rs 119.15. It touched the intra-day low of Rs 118.10.
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