Zinc futures ahead in the local market on yesterday as investors and speculators booked fresh positions in the industrial metal. Moreover, the gains in the metal were trimmed by downbeat China factory data which indicated a worsening economic downturn in the world’s largest metals consumer, clouding the requirement prospects for zinc.
Manufacturing activity in China expanded a record 7th straight month of contraction as the official factory gauge slipped to the weakest level since Jan 2009 to 49 in Feb 2016 as the country’s factories battle worsening headwinds including overcapacity and weak requirement.
A weaker pace of factory growth in the 19-member economy. A reading above 50 signals expansion in manufacturing activity over the previous month.
MCX : Zinc futures for March 2016 contract ended by Rs 121.1 per kg, up by 0.41 per cent after opening at Rs 120.3, as compared to the previous closing price of Rs 120.60. It then attained the intra-day high of Rs 121.45.