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Zinc recovers in futures trade on short-covering, global cues

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Press Trust of India New Delhi

Zinc prices recovered by Rs 1.15, or 1.35 per cent, to Rs 86.15 per kg in futures market today, as speculators covered up their short positions, triggered by a recovery in global markets on positive US job data.

On the Multi Commodity Exchange, zinc for delivery in August contract traded Rs 1.15, or 1.35 per cent higher, at Rs 86.15 per kg, with a turnover of 2,56,418 lots.

The metal for delivery in July contract also edged higher by Rs 1.10, or 1.31 per cent, to Rs 85.05 per kg, with an open interest of 6,366 lots.

Meanwhile, zinc for three-month delivery jumped 3.1 per cent to $1,835, while at Shanghai, it rose 0.4 per cent to 15,165 yuan in early trade today. 

 

Market analysts attributed the recovery in zinc futures prices to covering up of pending positions by speculators, driven by recovery at the London Metal Exchange and in Asian trade.

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First Published: Jul 05 2010 | 3:53 PM IST

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