Zinc futures drop 1.07%, hurt by weak global cues

NEW DELHI: Zinc futures fell 1.07 per cent to Rs 129.35 per kg today as speculators reduced positions amid weak global trend and low demand at spot markets.

At the Multi Commodity Exchange, zinc prices for delivery this month declined Rs 1.40, or 1.07 per cent, to Rs 129.35 per kg in a business turnover of 616 lots.

Likewise, the metal for delivery in August traded lower by Rs 1.30, or 0.99 per cent, to Rs 130.10 per kg in 40 lots.

Analysts said apart from slackened domestic demand in the spot market, a weak trend in base metals at the London Metal Exchange in line with a broader selloff in raw materials as stronger dollar typically reduces demand for commodities as alternative assets, led to a fall in zinc futures prices.