INDIA May 07 2015 5:29 PM

MUMBAI (Scrap Register): Zinc scrap prices in India advanced on Wednesday, while futures prices at Multi Commodity Exchange traded down as investors booked profits.

As per Scrap Register Price Index, Indian zinc dross prices edged up by 0.625 to 160,000 a ton on Wednesday and zinc slab prices remained almost flat at Rs. 193,000 a ton.

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However, the most active May zinc contract on Multi Commodity Exchange last traded down by 1.24% to Rs. 151.50 per kilogram from previous close of Rs. 153.400 per kilogram. The MXC zinc prices touched an intra-day high of Rs 154.35 per kilogram and an intra-day low of Rs 150.85 per kilogram.

The zinc futures prices slipped on Wednesday from five-month highs hit the session before after weak U.S. data revived concerns about global economic growth, although expectations of easier policy in China and the United States cushioned losses.

Also a surge in imports lifted the U.S. trade deficit in March to its highest in nearly 6-1/2 years, suggesting the economy contracted in the first quarter.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)