Weak physical demand, mixed US data hit Zinc

Zinc futures fell during noon trade in the domestic market on Thursday as investors and speculators exited positions in the industrial metal amid soft physical demand for zinc in the domestic spot market.

Further, mixed US economic data signaled an uncertain demand outlook for metals as services activity cooled in July but private employment growth was stronger. While the US private sector added 179,000 workers in July, up from June’s 176,000, the US services index cooled from a seven-month high of 56.5 in June to 55.5 in July, but remained above the neutral 50-mark.

At the MCX, zinc futures for August 2016 contract is trading at Rs 151.65 per kg, down by 0.69 per cent, after opening at Rs 152.3, against a previous close of Rs 152.7. It touched the intra-day low of Rs 151.4.

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