Zinc futures posted steady gains in the native market on yesterday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for Zinc in the domestic spot market.Read Other news Mcx copper tips
Furthermore, China’s decision to cut sales tax on small cars also bolstered the requirement outlook for Zinc, which is widely used in car making. China halved the sales tax on purchases of small cars, a move that may boost automobile requirement in the world’s 2nd biggest economy. China is the largest consumer of metals across the world.
Moreover, fears of deflation in the 19-member Euro area as the region’s inflation rate turned negative in September clouded the demand outlook for Zinc, trimming gains in the metal. Euro area consumer prices fell 0.1 per-cent, year on year, in September month this year.
At the MCX, Zinc futures for September 2015 contract closed at Rs 108.9 per 1 kg, up by 0.14 per-cent after opening at Rs 108.6, in against with the previous closing price of Rs 108.75. It attained the intra-day high of Rs 110.2.
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Furthermore, China’s decision to cut sales tax on small cars also bolstered the requirement outlook for Zinc, which is widely used in car making. China halved the sales tax on purchases of small cars, a move that may boost automobile requirement in the world’s 2nd biggest economy. China is the largest consumer of metals across the world.
At the MCX, Zinc futures for September 2015 contract closed at Rs 108.9 per 1 kg, up by 0.14 per-cent after opening at Rs 108.6, in against with the previous closing price of Rs 108.75. It attained the intra-day high of Rs 110.2.
Click here for Mcx copper tips
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