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Zinc futures turn weak on profit-taking, overseas trend

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Press Trust of India New Delhi
Last Updated : Jan 20 2013 | 1:04 AM IST

Amid profit-booking by traders and weak trend overseas, zinc prices fell by Rs 0.75 or 0.83 per cent, to Rs 89.20 per kg in futures trade today.

Sluggish demand at spot markets also put pressure on the zinc prices in futures trade.

At the Multi Commodity Exchange platform, zinc for August contract fell by Rs 0.75 or 0.83 per cent, to Rs 89.20 per kg, with a turnover of 55 lots.

The metal for delivery in most-active July contract also moved down by Rs 0.70 or 0.79 per cent to Rs 88.25 per kg, with a business volume of 4,923 lots.

Market analysts attributed the weakness in zinc futures market to sluggish spot demand, losses at the London Metal Exchange after Federal Reserve Chairman expressed concerns about the US economy, and profit-booking by speculators.

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First Published: Jul 22 2010 | 11:24 AM IST

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