Zinc futures shed 1.51% on weak overseas trend

Zinc futures prices declined by 1.51 per cent to Rs 97.70 per kg today, taking weak cues from the London Metal Exchange (LME).  

At the Multi Commodity Exchange counter, zinc for delivery in January fell by Rs 1.50, or 1.51 per cent to Rs 97.70 per kg, with a business turnover of just two lots.

Similarly, zinc for December delivery also slid by Rs 1.35, or 1.38 per cent, to Rs 96.80 per kg, with a business turnover of five lots.  

Market analysts said a weak trend in the entire base metals pack at the LME as a firm dollar reduced appeal for raw materials as an alternative investment and subdued domestic demand, led to the fall in zinc futures prices here.

Zinc dropped by 0.98 per cent to $2,117 a tonne on the LME, while at Shanghai, the metal plunged 3.26 per cent to 17,220 yuan per tonne today.