MCX BASE METAL TIPS | Zinc futures soared by over 1.5 per cent 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, upbeat US retail sales and consumer sentiment data signaled a pickup in the recovery in the world’s biggest economy, lifting the demand outlook for industrial metals. US retail sales climbed by 0.2 per cent in November 2015 from the previous month, the biggest advance in four months, the Commerce Department reported on Friday. Further, the gauge measuring consumer sentiment climbed to the highest level in four months at 91.8 in December from 91.3 in November.
At the MCX, Zinc futures for Dec 2015 agreement closed at Rs 103.6 per kg, up by 1.57 per cent after opening at Rs 102.4, against the last closing price of Rs 102. It touched the intra-day high of Rs 104.35.
Further, upbeat US retail sales and consumer sentiment data signaled a pickup in the recovery in the world’s biggest economy, lifting the demand outlook for industrial metals. US retail sales climbed by 0.2 per cent in November 2015 from the previous month, the biggest advance in four months, the Commerce Department reported on Friday. Further, the gauge measuring consumer sentiment climbed to the highest level in four months at 91.8 in December from 91.3 in November.
At the MCX, Zinc futures for Dec 2015 agreement closed at Rs 103.6 per kg, up by 1.57 per cent after opening at Rs 102.4, against the last closing price of Rs 102. It touched the intra-day high of Rs 104.35.
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