Zinc futures up 0.47 per cent on spot demand, global cues

NEW DELHI: Zinc futures edged up by 0.47 per cent to Rs 137.70 per kg today after speculators enlarged positions on the back of rising demand from consuming industries in domestic spot markets along with a firming trend overseas.

At the Multi Commodity Exchange, zinc for delivery in September moved up by 65 paise, or 0.47 per cent, to Rs 137.70 per kg in a business turnover of 586 lots.

The metal for delivery in October contracts rose by a similar margin to trade at Rs 138.35 per kg in a business turnover of 67 lots.

Globally, zinc for delivery in three months at the LME was up 0.4 per cent at USD 2,273 per tonne.

According to marketmen, apart from improved demand in the spot markets, a firming trend in the base metal at the London Metal Exchange (LME) on speculation that global demand for the metal used in steel auto parts and brass plumbing fixtures will exceed supply, supported the upside in zinc futures.