MCX Base Metal Tips: Zinc futures rallied in the domestic market on Friday as investors and speculators booked fresh positions in the industrial metal amidst robust physical demand for zinc in the domestic spot market, while hopes of fresh stimulus in the 19-member Euro area which slowed last quarter, also bolstered sentiment.
The Euro area economy expanded 0.3 per cent in the September quarter from the previous three-month period when it grew 0.4 per cent. While the German and French economies both grew by 0.3% in Q3 that of Italy expanded 0.2 per cent.
The European Central Bank has signaled that it will examine the need for fresh monetary stimulus at its meet in December.
At the MCX, Zinc futures for November 2015 contract closed at Rs 106.7 per kg, up by 0.52 per cent after opening at Rs 106, against the previous closing price of Rs 106.15. It touched the intra-day high of Rs 107.15.
The Euro area economy expanded 0.3 per cent in the September quarter from the previous three-month period when it grew 0.4 per cent. While the German and French economies both grew by 0.3% in Q3 that of Italy expanded 0.2 per cent.
The European Central Bank has signaled that it will examine the need for fresh monetary stimulus at its meet in December.
At the MCX, Zinc futures for November 2015 contract closed at Rs 106.7 per kg, up by 0.52 per cent after opening at Rs 106, against the previous closing price of Rs 106.15. It touched the intra-day high of Rs 107.15.
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