INDIA May 21 2015 12:35 PM
MUMBAI (Scrap Register): Zinc scrap prices in India stayed flat on Wednesday, while zinc futures prices at Multi Commodity Exchange traded down due to LME data showing a large zinc stocks inflow MZN-STOCKS of 36,375 tons.
The major zinc scrap commodities on the Scrap Register Price Index showed a flat trend on Wednesday. As per Scrap Register Price Index, Indian zinc dross and zinc slab prices remain stable.
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However, the most active May zinc contract on Multi Commodity Exchange settled down by 1.8% to Rs. 140.15 per kilogram from previous close of Rs.142.70 per kilogram.
The MXC zinc prices touched an intra-day high of Rs. 142.40 per kilogram and an intra-day low of Rs. 139.85 per kilogram. The open interest of the contract stood at 5215 lots.
More indications of economic weakness boost the case for Beijing to implement fresh stimulus measures which could support commodity prices.
Also possibly supporting sentiment, Federal Reserve officials believed it would be premature to hike interest rates in June even though most felt the U.S. economy was set to rebound from a dismal start to the year, according to minutes from their April policy meeting.
(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
