Zinc Updates – Zinc Surges On Declining Inventories.
Zinc futures rose by 0.68 per cent to Rs 126.65 per kg today due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity. LME zinc stocks fell by 2025 metric tonnes to 383000 metric tonnes as on May 27, 2016. Zinc futures for May 2016 contract, at MCX, were trading at Rs 126.65 per kg, up by 0.68 per cent after opening at Rs. 126.45 against the previous closing price of Rs. 125.80. It touched the intra-day high of Rs. 127 till the trading.Prices also rose as speculators raised positions in the midst of a strong trend globally. Besides, high demand in domestic spot markets fueled the uptrend. Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
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