Zinc marginally up on short-covering, global cues

Agencies
Posted: Thursday, Nov 19, 2009 at 1252 hrs IST
Updated: Thursday, Nov 19, 2009 at 1252 hrs IST

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New Delhi: Zinc continued its two-session winning streak and prices moved up 0.58 per cent in futures trading at the Multi Commodity Exchange as traders enlarged positions supported by overnight gains in the global markets.

Short-covering by speculators driven by firm demand in the spot markets also influenced zinc prices at the futures market.

At the MCX, zinc for delivery in November month contract traded 0.58 per cent higher at Rs 103.65 per kg in a turnover of 512 lots.

The metal for delivery in December month contract moved up 0.53 per cent to Rs 104 per kg clocking a turnover of 31 lots.

Market analysts said a firming trend at the London Metal Exchange and firm domestic demand in the spot markets attributed to the rise in zinc prices at the futures market but gains were capped on weak US housing data.

Meanwhile, at the LME, zinc gained 0.09 per cent at $2,250 per tonne in yesterday's trade.

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Zinc marginally up on short-covering, global cues

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