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Zinc falls 0.8% on global cues

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Press Trust of India New Delhi

Amid an overseas weak trend in base metals on deepening debt crisis in the Europe, zinc prices fell by 0.83% to Rs 101.25 per kg in futures trade today.

Subdued demand in the domestic spot market also put pressure on zinc prices.

At the Multi Commodity Exchange, September zinc declined by 85 paise, or 0.83%, to Rs 101.25 per kg, with a business turnover of 408 lots.

The October contract delivery shed 70 paise, or 0.68%, to Rs 102.35 per kg in 178 lots.

Market analysts attributed the fall in zinc futures prices to a weakening trend in the entire base metals pack on the London Metal Exchange on mounting concern over Europe's sovereign debt crisis, reducing prospects of growing demand for industrial metals.

Meanwhile, zinc fell by 0.6% to USD 2,172 a metric tonne on the London Metal Exchange.

 

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First Published: Sep 12 2011 | 1:24 PM IST

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