Zinc futures gain 2.95% on uptick in demand

Zinc futures rose 2.95 per cent to Rs 227.15 per kg today as participants built up fresh positions, taking positive cues from overseas markets and a firm trend in the domestic spot market on pick up in demand.
Besides, covering-up of short positions ahead of monthly expiry too supported the upside.
At the Multi Commodity Exchange, zinc for delivery in February was trading notably higher by Rs 6.50, or 2.95 per cent, to Rs 227.15 per kg, in a business turnover of 759 lots.
Likewise, the metal for delivery in January traded higher by Rs 6.50, or 2.93 per cent, to Rs 228.10 per kg in 2,241 lots.

Analysts said fresh positions created by traders on the back of pick up in demand from consuming industries in the spot market amid positive global cues, drove the upside in zinc prices.