BASE METAL TIPS: Zinc futures fell by 0.96% to Rs 103.35 per kg today as speculators reduced positions in the midst of a weak trend globally. Besides, low demand in Indian spot markets fuelled the downtrend. Zinc futures for January 2016 agreement, at MCX, were trading at Rs 103.35 per kg, down by 0.96 per cent after opening at Rs. 104.05 against the last closing price of Rs. 104.35. It touched the intra-day low of Rs. 103 till the trading. (At 3.50 PM today). Further, service sector activity in Spain fell more-than-expected last month, industry data showed on Wednesday signaling weak sentiment in the region which reduced the requirement for the metal. In a report, Markit Finacial Information Services said that Spanish services PMI fell to a seasonally adjusted 55.1, from 56.7 in the preceding month.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
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