Zinc dips 1.66% in futures trade on weak global cues

Zinc futures prices declined by 1.66 per cent to Rs 103.70 per kg today, as traders indulged in offloading positions following a weak trend in the entire base metals pack at the London Metal Exchange. 

At the Multi Commodity Exchange counter, zinc delivery for November traded at Rs 1.75, or 1.66 per cent down, at Rs 103.70 per kg, with a business turnover of 28 lots.

Similarly, zinc for delivery in December also drifted by Rs 1.65, or 1.60 per cent, to Rs 105.10 per kg, with a business turnover of 7 lots.

Meanwhile, zinc dropped 1.6 per cent to $2,300.50 a tonne at the London Metal Exchange (LME).

Analysts said a weak trend in all base metals at the LME on concerns that China, the world's biggest metals consumer, may take further steps to tighten monetary policy to cool inflation, kept the pressure on zinc futures here.