Zinc futures down 0.53 pc as speculators cut positions

Zinc prices declined by 0.53 per cent to 178.45 per kg in futures market today as speculators cut down positions, taking negative cues from spot market on tepid demand from consuming industries.
At the Multi Commodity Exchange, zinc for delivery in July slipped by 95 paise, or 0.53 per cent, to Rs 178.45 per kg in a business turnover of 2,164 lots.
Likewise, the metal for delivery in August was trading lower by a similar margin at Rs 178.65 per kg in 292 lots.
Market analysts attributed the weakness in zinc futures to offloading of positions by participants amid sluggish demand from consuming industries in the physical market.