Zinc futures tumble on global cues

Tracking weak overseas cues zinc prices tumbled by 3.02 per cent to Rs 109 per kg in futures trade today on reduced offtake by speculators.

Reduced offtake by consuming industries also influenced zinc prices.

At the Multi Commodity Exchange, zinc for November contract tumbled by Rs 3.40, or 3.02 per cent to Rs 109 per kg with a business turnover of 16 lots.

The metal for delivery in January-month contract also drifted by Rs 3.45, or 3.01 per cent to Rs 111.20 per kg in 2 lots.

Marketmen said a weak trend in base metals at the London Metal Exchange and fall in demand in the spot market mainly pulled down Zinc prices.

Meanwhile, zinc fell by 4.6 per cent, the most since September 9, to $2,424 a metric tonne at the London Metal Exchange.