Zinc futures up 0.65 pc as LME stocks fall on short-covering
Zinc futures on Wednesday recovered by 0.65 per cent on the Multi Commodity Exchange on short-covering by speculators, driven by fall in LME-tracked inventories.
By PTI |
NEW DELHI: Zinc futures on Wednesday recovered by 0.65 per cent on the Multi Commodity Exchange on short-covering by speculators, driven by fall in LME-tracked inventories.
LME-tracked inventory for zinc fell by 225 tonne to 1,59,755 tonne. All the three running contracts - September, October and November - were back in the positive zone with up to 0.65 per cent.
The most-active near-month September contract rose by 0.65 per cent to Rs 77.95 per kg at MCX counter. The contract clocked business volume of 3,403 lots. Similarly, October contract was up by 0.64 per cent at Rs 79.20 per kg with business turnover of 305 lots, while November contract gained 0.63 per cent at Rs 80.10 in a business volume of one lot.
"Fall in zinc stocks in the LME-monitored inventory and short-covering at prevailing levels by speculators, helped metal prices to trade higher," said B N Patel, an MCX trader.
LME-tracked inventory for zinc fell by 225 tonne to 1,59,755 tonne. All the three running contracts - September, October and November - were back in the positive zone with up to 0.65 per cent.
The most-active near-month September contract rose by 0.65 per cent to Rs 77.95 per kg at MCX counter. The contract clocked business volume of 3,403 lots. Similarly, October contract was up by 0.64 per cent at Rs 79.20 per kg with business turnover of 305 lots, while November contract gained 0.63 per cent at Rs 80.10 in a business volume of one lot.
"Fall in zinc stocks in the LME-monitored inventory and short-covering at prevailing levels by speculators, helped metal prices to trade higher," said B N Patel, an MCX trader.
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