Downbeat Global Economic Data Drag Down Zinc Futures

Zinc prices fell for the fifth day on Friday at the domestic markets after manufacturing activity in the Philadelphia-region shrank unexpectedly in February, contracting at the fastest rate since July signaling weak manufacturing activity in the region which reduced the demand outlook for the commodity.

Zinc futures for February 2013 contract, at MCX, were trading at Rs. 113.60 per kg, down by 0.96 per cent after opening at Rs. 114.80 against the previous closing price of Rs. 114.70. 

Sentiment weakened further after private sector output in the debt-ridden euro area shrank at a faster pace in February 2013 than in the previous month, signaling a deepening recession in the 17-member economy, darkening the demand outlook the metal. [Via]

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