Zinc futures fall on global cues, subdued demand

Zinc futures prices drifted by 0.76 per cent to Rs 111.55 per kg today, as traders indulged in offloading their positions, driven by weakening trend at the London Metal Exchange (LME), amid profit booking by speculators.

At the Multi Commodity Exchange counter, zinc for delivery in February fell by 85 paise, or 0.76 per cent, to Rs 111.55 per kg, with a business turnover of 15 lots.

The metal for delivery in January shed 80 paise, or 0.72 per cent, to Rs 110.40 per kg, with a business turnover of eight lots.

Market analysts said a weak trend in zinc and other base metals at the LME as the recent rally in raw materials deterred purchases and subdued domestic demand, led to the fall in zinc futures prices here.

Globally, zinc tumbled as much as 2.7 per cent to $2,402.25 per tonne at the LME.