MCX BASE METAL TIPS | Zinc futures soared by over 1% in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal amidst a pickup in physical demand for zinc in the domestic spot market.
Further, Chinese home prices advanced in more cities in November while business sentiment climbed in December, easing worries over a hard landing in the world’s second largest economy, bolstering the demand outlook for metals.
Among the 70 cities tracked by a government survey, new home prices in 33 Chinese cities rose in November, up from October’s 27 while the gauge measuring business sentiment in China climbed to 52.7 this month from 49.9 in November.
At the MCX, Zinc futures for December 2015 contract closed at Rs 99.75 per kg, up by 1.32 per cent after opening at Rs 98.65, against the previous closing price of Rs 98.45. It touched the intra-day high of Rs 100.30.
Further, Chinese home prices advanced in more cities in November while business sentiment climbed in December, easing worries over a hard landing in the world’s second largest economy, bolstering the demand outlook for metals.
Among the 70 cities tracked by a government survey, new home prices in 33 Chinese cities rose in November, up from October’s 27 while the gauge measuring business sentiment in China climbed to 52.7 this month from 49.9 in November.
At the MCX, Zinc futures for December 2015 contract closed at Rs 99.75 per kg, up by 1.32 per cent after opening at Rs 98.65, against the previous closing price of Rs 98.45. It touched the intra-day high of Rs 100.30.
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