Zinc futures fell in the domestic market on Tuesday as investors and speculators stayed cautious of booking fresh positions in the industrial metal amid weak physical demand for zinc in the domestic spot market. Further, a Chinese manufacturing index hit the lowest level in eight months in March 2014, signaling a deepening economic slowdown in China, the world’s biggest metals consumer, adding to selling pressure in the industrial metal.
At the MCX, zinc futures for April 2014 contract is trading at Rs. 118.95 per 1 kg, down by 0.50 per cent, after opening at Rs. 119.40, against the previous closing price of Rs. 119.50. It touched an intra-day low of Rs 118.90.
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Around Rs 121.20 and Rs 119.10 to purchase zinc target of Rs 118 can be placed. But the price should go down to Rs 122.10, cut the deficit to get out of the deal.
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