Indian Zinc scrap prices advance on Wednesday; MCX Zinc declines

INDIA April 08 2015 5:30 PM
NEW DELHI (Scrap Register): Indian zinc scrap prices advanced on Wednesday; while zinc futures at India's Multi Commodity Exchange down on weak cues from overseas markets.

As per Scrap Register Price Index, Indian zinc dross prices advanced by 1.3423 to 151,000 a ton on Wednesday and zinc slab prices edged up to 174,000 a ton.

The most active April zinc contract on Multi Commodity Exchange last traded down by 0.45% to Rs. 133.35 per kilogram from previous close of Rs. 133.95 per kilogram. The MXC zinc prices touched an intra-day high of Rs 134.40 per kilogram and an intra-day low of Rs 133.30 per kilogram.

As per analysts, besides subdued demand at domestic spot markets, a weak trend at the London Metal Exchange (LME), where metal fell from a two-month high before minutes of the Federal Reserve's March meeting and as the International Monetary Fund forecast sustained weakness in global economic growth, put pressure on zinc prices at futures trade.