Indian Zinc prices decline on Tuesday; MCX Zinc rises as Investors return

INDIA May 13 2015 12:15 PM

MUMBAI (Scrap Register): Zinc scrap prices in India dropped on Tuesday, while futures prices at Multi Commodity Exchange traded up as investors looked ahead to key data from China later in the week, which could provide more evidence of a slowdown.

The major zinc scrap commodities on the Scrap Register Price Index showed an down trend on Tuesday. As per Scrap Register Price Index, Indian zinc dross and zinc slab prices traded down to Rs. 165,000 a ton and Rs. 193,000 a ton respectively.

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However, the most active May zinc contract on Multi Commodity Exchange last traded up by 2.8% to Rs. 151.90 per kilogram from previous close of Rs.147.85 per kilogram. The MXC zinc prices touched an intra-day high of Rs 152.05 per kilogram and an intra-day low of Rs 147.30 per kilogram.

However, Investors are stampeding back into the LME Zinc. Their return has triggered a super-charged rally in prices. On the London Metal Exchange (LME), three-month metal has soared from under $2,000 per ton in mid-March to last week's highs above $2,400 per ton.

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