Zinc futures drop 0.28% on weak global cues

NEW DELHI: Zinc futures shed 0.28 per cent to Rs 125 per kg today as speculators reduced positions amid weak global trend and ending monthly settlement.

At the Multi Commodity Exchange, zinc prices for delivery in August declined 35 paise, or 0.28 per cent to Rs 125 per kg in a business turnover of 91 lots.

Likewise, the metal for delivery in current month traded lower by 30 paise, or 0.24 per cent to Rs 124.75 per kg in 342 lots.

Analysts said apart from slackened domestic demand at the spot market, a weak trend in base metals at the London Metal Exchange led to a fall in zinc futures prices.

Squaring-up of positions in view of ending monthly settlement weighed on prices, they said.