Zinc prices reversed its previous day’s losses, rising by 0.04 per cent on Thursday at the domestic markets as an improving economic outlook in China, the world’s biggest metals consumer brightened the demand outlook for the metal. Deutsche Bank raised China’s Q3 2013 economic growth estimate to 7.9 per cent from 7.7 per cent estimated earlier. Zinc futures for September 2013 contract, at MCX, were trading at Rs. 117.75 per kg, up by 0.04 per cent after opening at Rs. 117.50 against the previous closing price of Rs. 117.70. It touched the intra-day high of Rs. 118.85 till the trading.
However, gains were curbed due to the surge in the zinc stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME zinc stocks rose by 225 metric tonnes to 985575 metric tonnes as on September 12, 2013.
Major refined zinc exporting countries are Canada, Australia and Rep. of Korea, while major refined zinc importing countries are China, USA and Germany.
