MCX Zinc Price Today

Zinc futures extended gains, rising for the second day on Friday due to the decline in the zinc stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity.

LME zinc stocks fell by 2,375 metric tonnes to 9,92,300 metric tonnes as on August 3, 2012. Zinc futures for August 2012 contract, at MCX, were trading at Rs. 102.15 per kg, up by 0.10 per cent after opening at Rs. 102.25 against the previous closing price of Rs. 102.05. It touched the intra-day high of Rs. 102.80 till the trading. (At 4.13 PM today).

Moreover, a weaker U.S. dollar also sent the zinc prices rising as it makes the commodities cheaper for the holders in other currency. The U.S. dollar index, a measure of the value of the United States dollar relative to a basket of foreign currencies, was trading 0.58 per cent higher at 83.87 on the Inter-Continental Exchange (ICE) at 4.15pm IST. 

However, gains were limited as European Central Bank President Mario Draghi disappointed traders who expected decisive monetary policy actions to contain the debt crisis in the euro zone and US Census Bureau said that U.S. Factory Orders fell more-than-expected to a seasonally adjusted -0.5 per cent, from 0.5 per cent in the preceding month which weakened demand prospects for copper. 

Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany. [ Via ]

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