Zinc futures gain 0.57 pc on overseas cues, spot demand

Amid firm trend overseas and increased demand from consuming industries at domestic spot market, zinc prices traded higher by 0.57 per cent to Rs 150.55 per kg in futures trade today as participants enlarged positions.
At the Multi Commodity Exchange, zinc for delivery in August edged up by 85 paise, or 0.57 per cent to Rs 150.55 per kg in a business turnover of 1,506 lots.
Likewise, the metal for delivery in July traded higher by 80 paise, or 0.54 per cent to Rs 149.85 per kg in 15,098 lots.
Analysts said a firming trend overseas where zinc extended its advance to the highest level in more than a year on concerns over a looming supply deficit, mainly buoyed the sentiment.

Globally, zinc for delivery in three-months rose 1.3 per cent to USD 2,246 a metric tonne on the London Metal Exchange, the highest since May last year. It added 2.4 per cent to 17,340 yuan (USD 2,589) on the Shanghai Futures Exchange.
Increased demand from consuming industries in the domestic spot market also supported the upside, they said.