NEW DELHI, Aug 4: Zinc futures edged higher by 0.28 per cent to Rs 143.60 per kg today as speculators built-up positions amid positive cues from the global market and better domestic demand.
At the Multi Commodity Exchange, zinc for delivery in August gained 40 paise, or 0.28 per cent, to Rs 143.60 per kg, with a business turnover of 247 lots.
The metal for delivery in September also rose 20 paise, or 0.14 per cent, to Rs 143.85 per kg, with a business turnover of two lots.
Globally, at the London Metal Exchange (LME), zinc for delivery in three months advanced 0.90 per cent to USD 2,359.75 per tonne.
Marketmen said besides a firming trend at domestic spot market, the metal’s strength at the LME as stockpiles tracked in London and Shanghai decreased and Goldman Sachs Group projected a global deficit this year, supported the upside in zinc prices at futures trade.
LME inventories for zinc fell 1.9 per cent in July, declining for the fourth straight month. Stockpiles monitored by the Shanghai Futures Exchange dropped 1.3 per cent last week to the lowest level since 2009. (PTI)
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