Zinc futures recover on overseas cues, spot demand

Supported by a firming overseas trend and stable demand at spot markets, zinc futures today recovered by 0.49 per cent to Rs 123.05 per kg as speculators created positions.
At the Multi Commodity Exchange, zinc for delivery in February was up by 60 paise, or 0.49 per cent, to Rs 123.05 per kg, with a business turnover of 284 lots.
The metal for delivery in March also rose by 50 paise, or 0.41 per cent, to Rs 123.65 per kg, with a business turnover of 7 lots.
Marketmen said besides improved demand in the spot market, a firming trend overseas where zinc climbed on speculation that demand in China will curb global supplies, supported the recovery in metal prices at futures trade here.

Meanwhile, zinc for delivery in three months on the London Metal Exchange rose as much as 0.8 per cent to USD 1,967 per tonne.