NEW DELHI, July 16: Taking positive cues from overseas markets, zinc futures edged up by 0.51 per cent to Rs 138.60 per kg today after speculators created positions.
Besides, better domestic demand supported the upside.
At the Multi Commodity Exchange, zinc for delivery in July contracts were up by 70 paise, or 0.51 per cent, to Rs 138.60 per kg, with a business turnover of 1,145 lots.
Likewise, the metal for delivery in August traded higher by 60 paise, or 0.43 per cent, to Rs 139.20 per kg in a turnover of 29 lots.
Traders said besides rising spot demand, a firming trend in the metal overseas, where it climbed to trade at a 35-month high amid shrinking inventories after economic growth expanded more than estimated in China, the world’s biggest consumer of base metals, supported the upside in zinc prices at futures trade here.
Globally, zinc for delivery in three months rose 0.6 per cent to USD 2,311.75 a metric tonne at the London Metal Exchange (LME).
Meanwhile, LME stockpiles of zinc fell for the 12th day to 658,475 tonnes, the lowest since December 2010, daily bourse data showed yesterday. (PTI)
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