Zinc futures surge 4 pc on global cues
Zinc rose by4% at Rs 90.40 per kg in early trade in the domestic futures market as traders enlarged their positions.
By PTI |
NEW DELHI: Zinc rose by four per cent at Rs 90.40 per kg in early trade today in the domestic futures market as traders enlarged their positions, triggered by firming base metals in the global markets.
Prices of zinc for July contract, shot up by 4.03 per cent to Rs 90.40 per kg with business volume of 2,280 tons on the Multi Commodity Exchange.
Both August and September contracts were also trading higher by 3.98 and 3.21 per cent to Rs 91.45 and Rs 91.60 per kg respectively.
Traders said supply concerns after reports that China's small and medium-sized zinc smelters, which accounts for about 30-40 per cent of output in the world's top producer, decided to cut production mainly led to a rise in the metal prices.
Meanwhile, in spot market zinc traded higher at Rs 90.50 per kg in Mumbai.
Prices of zinc for July contract, shot up by 4.03 per cent to Rs 90.40 per kg with business volume of 2,280 tons on the Multi Commodity Exchange.
Both August and September contracts were also trading higher by 3.98 and 3.21 per cent to Rs 91.45 and Rs 91.60 per kg respectively.
Traders said supply concerns after reports that China's small and medium-sized zinc smelters, which accounts for about 30-40 per cent of output in the world's top producer, decided to cut production mainly led to a rise in the metal prices.
Meanwhile, in spot market zinc traded higher at Rs 90.50 per kg in Mumbai.
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