Thursday, 19 January 2017
Zinc Futures Keep Head Above Water
Zinc futures rose during evening trade in the domestic market on Wednesday as investors and speculators extended their positions in the industrial metal on increase in demand amid weaker US dollar against basket of other currencies.
The dollar dropped following comments from the US President-elect Trump noting that the dollar is too high. Meanwhile, investors digested the UK Prime Minister Theresa May’s speech on Brexit plans in which she made it clear that- the UK will make a clean break from the EU and leave its single market of some 500 million people.
“We do not seek membership of the single market,” she said. “Instead, we seek the greatest possible access to it through a new, comprehensive, bold and ambitious Free Trade Agreement.” Besides, expectations of strong demand in top consumer China, supported zinc prices at futures trade.
At the MCX, zinc futures for January 2017 contract is trading at Rs 184.85 per kg, up by 0.46 per cent, after opening at Rs 185.45, against a previous close of Rs 184. It touched the intra-day high of Rs 186.50.
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