MCX Base Metal Tips: Zinc futures surged by more than 1% in the domestic market on Monday 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, hopes of a pickup in demand from China, the world’s biggest metals consumer after policymakers committed to cut overcapacity in key industries such as steel also buoyed sentiment.
Investors shrugged off weak German data which showed a plunge in business confidence for a second straight month in January, clouding the demand outlook for metals in Europe’s biggest economy. The gauge measuring German business sentiment fell to 107.3 in January from 108.6 in December.
At the MCX, Zinc futures for January 2016 contract closed at Rs 103.15 per kg, up by 1.13 per cent after opening at Rs 101.6, against the last closing price of Rs 102. It touched the intra-day high of Rs 103.25.
Further, hopes of a pickup in demand from China, the world’s biggest metals consumer after policymakers committed to cut overcapacity in key industries such as steel also buoyed sentiment.
Investors shrugged off weak German data which showed a plunge in business confidence for a second straight month in January, clouding the demand outlook for metals in Europe’s biggest economy. The gauge measuring German business sentiment fell to 107.3 in January from 108.6 in December.
At the MCX, Zinc futures for January 2016 contract closed at Rs 103.15 per kg, up by 1.13 per cent after opening at Rs 101.6, against the last closing price of Rs 102. It touched the intra-day high of Rs 103.25.
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