Zinc up by 0.5% as speculators widen positions

Zinc prices were up 0.55% to Rs 145.15 per kg in futures trade today as speculators created fresh positions on pick-up in demand from consuming industries at the spot markets.

However, weakness in select base metals in the global market, limited the gains.

At the Multi Commodity Exchange, zinc for delivery in August was trading higher by 80 paise, or 0.55%, to Rs 145.15 per kg, in a business turnover of 42 lots.

The metal for delivery in July rose 75 paise, or 0.52%, to trade at Rs 144.65 per kg in 1,098 lots.

Market analysts attributed the rise in zinc futures to fresh bets created by participants on the back of rising demand at the domestic spot market but metal's weakness overseas, restricted gains.