Weak global cues drag down zinc futures by 0.92 pc

Zinc prices softened by 0.92 per cent to Rs 227.35 per kg in futures market today as speculators cut bets, driven by a weak trend overseas amid sluggish demand in the spot market.
At Multi Commodity Exchange, zinc for delivery in January declined by Rs 2.10, or 0.92 per cent, to Rs 227.35 per kg in a business turnover of 12,326 lots.
On similar lines, the metal for delivery in February shed Rs 2, or 0.88 per cent, to Rs 225.65 per kg in 2,581 lots.
Analysts said cutting down of positions by traders in line with a weak trend overseas and a tepid demand from consuming industries in the physical market led to a decline in zinc prices.

Globally, zincs three-month fell USD 31 to USD 3,519 per tonne on the London Metal Exchange.