Zinc futures closed high in the native market on yesterday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical reqiuirement for zinc in the domestic spot market.
In the meantime, Texas manufacturing activity showed improvement in the November month as the Dallas Fed’s production index climbed to 5.2 from 4.8 in October, with a reading above zero signaling expansion, indicating a pickup in the world’s largest economy, bolstering the demand outlook for industrial metals.
Sharp losses in the industrial metal on Friday last weel when prices went down by over 3.5 per-cent amid concerns that a worsening economic slowdown in China may curb zinc demand, offered a good bargain buying opportunity in zinc, to investors, observers & speculators, at current levels.
At the MCX, Nov 2015 contract for Zinc futures terminated at Rs 103.20 per kg, up by 0.63 per cent after opening at Rs 102.20, in comparison to the previous closing price of Rs 102.55. It reached the intra-day high of Rs 103.50.
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