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Zinc extends Bearish ride

Zinc futures remained in firm bear terrain in noon trade with prices tanking more than 1.4 per cent in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid weak physical demand for Zinc in the domestic spot market.

Moreover, traders stuck to a cautious stance ahead of key US housing data which will offer latest cues over the health of the world’s biggest economy, shaping the demand outlook for the industrial metal which is widely used in the construction industry.

Sales of previously owned homes in the US are likely to have risen 1.2 per cent in June 2015 from May when they climbed 5.1 per cent, analysts estimated ahead of official Commerce Department data.

At the MCX, Zinc futures for July 2015 contract is trading at Rs 127.60 per 1 kg, down by 1.43 per cent after opening at Rs 129.35, against the previous closing price of Rs 129.45. It touched the intra-day low of Rs 126.85. (At 14:34 PM).

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