Zinc futures up by 1.12 pc on Asian cues, short-covering
Zinc futures on Friday shot up by 1.22 per cent on the Multi Commodity Exchange, tracking steep rise in the metal prices at Shanghai amid covering-up of short positions by traders.
By PTI |
NEW DELHI: Zinc futures on Friday shot up by 1.22 per cent on the Multi Commodity Exchange, tracking steep rise in the metal prices at Shanghai amid covering-up of short positions by traders.
Firm demand for the metal in the spot markets also aided the rise in prices at futures market.
Trading sentiment turned better after a strong rally of over 4 per cent in zinc prices at Shanghai on overnight gains on the London Metal Exchange after positive US economic data, raising hopes of pick up in demand for metals, analysts said.
At the MCX counter, zinc for delivery in August contract gained 1.22 per cent at Rs 82.95 per kg, having an open interest in 2,889 lots, while the September contract rose to 1.09 per cent at Rs 83.50 per kg, clocking of 185 lots.
Meanwhile, zinc at Shanghai raised by 4.13 per cent to 14,360 yuan per tonne.
Firm demand for the metal in the spot markets also aided the rise in prices at futures market.
Trading sentiment turned better after a strong rally of over 4 per cent in zinc prices at Shanghai on overnight gains on the London Metal Exchange after positive US economic data, raising hopes of pick up in demand for metals, analysts said.
At the MCX counter, zinc for delivery in August contract gained 1.22 per cent at Rs 82.95 per kg, having an open interest in 2,889 lots, while the September contract rose to 1.09 per cent at Rs 83.50 per kg, clocking of 185 lots.
Meanwhile, zinc at Shanghai raised by 4.13 per cent to 14,360 yuan per tonne.
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