Zinc futures tick up 0.38% in line with global trend

NEW DELHI: Zinc futures edged up 0.38 per cent to Rs 119.60 per kg today after speculators built up bets on the back of rising demand in the domestic spot market amid a firming trend overseas.

At the Multi Commodity Exchange, zinc for delivery this month moved up 45 paise, or 0.38 per cent, to Rs 119.60 per kg in a business turnover of 1,770 lots.

On similar lines, metal for delivery in November was trading 35 paise, of 0.29 per cent higher at Rs 120.60 per kg in a business volume of 68 lots.

According to marketmen, apart from improved demand in the spot market, a firming trend in metal at the London Metal Exchange (LME) after Glencore Plc, the biggest miner of the metal, said Friday it plans to cut output by about a third, supported the upside.

Globally, zinc rose 1 per cent to $1,855 per tonne at the LME, while at the Shanghai Futures Exchange, metal for December delivery jumped as much as 4.8 per cent.