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Zinc futures tumbled in the domestic market on Thursday as investors and speculators exited positions in the industrial metal amid weak physical demand for zinc in the domestic spot market.
Fears that a worsening economic slowdown in China, the world’s biggest metals consumer may limit demand also hit Zinc as China’s equities tumbled with the benchmark Shanghai Composite tanking almost 6 per cent while money market rates jumped.
At the MCX, Zinc futures for February 2016 contract closed at Rs 118.9 per kg, down by 1.7 per cent after opening at Rs 121.35, against the previous closing price of Rs 120.95. It touched the intra-day low of Rs 118.75.
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