New Delhi, February 17: Zinc prices declined in futures trading on Tuesday, tracking weakness in global markets and muted demand from consuming industries in the domestic spot market.
MCX Zinc Futures Fall for February and March Contracts
On the Multi Commodity Exchange, zinc futures for February delivery fell by Rs 1.65, or 0.51 per cent, to Rs 319.50 per kilogram. The contract recorded a trading volume of 1,697 lots during the session.The March contract also witnessed a decline, slipping by Rs 1.55, or 0.48 per cent, to Rs 321.60 per kilogram. Trading activity in the March series stood at 2,981 lots.
The downturn in both contracts reflects cautious sentiment among market participants amid weaker global signals and limited buying interest from domestic industries.
Global Zinc Prices Weaken on London Metal Exchange
In international markets, zinc futures on the London Metal Exchange also moved lower. Prices declined by USD 11.45, or 0.35 per cent, to USD 3,279.10 per metric tonne.The decline on the LME further weighed on domestic sentiment, reinforcing the soft trend observed in the Indian futures market.
Subdued Industrial Demand Pressures Prices
Market observers attributed the softness in zinc prices to subdued demand from consuming industries in the spot market, along with weak global cues. The combined impact of lower international prices and restrained domestic buying kept futures under pressure during the trading session.With both domestic and global markets reflecting a cautious tone, zinc prices remained in negative territory on Tuesday.
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