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Last Updated : Aug 07, 2020 07:52 PM IST | Source: Moneycontrol.com

Zinc futures steady at Rs 191.05 per kg in evening trade, Axis Securities sees further weakness

The value of August and September contracts traded so far is Rs 824.55 crore and Rs 8.20 crore, respectively.

Zinc prices were steady at Rs 191.05 per kg on August 7 as participants increased their short positions.

Peru’s zinc output rose 313.6 percent in June to 119,174 tonne even as cumulative output fell 23.7 percent in the first six months of 2020, Reuters’ reported.

In the futures market, zinc for August delivery touched an intraday high of Rs 191.90 and a low of Rs 189.55 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the precious metal has touched a low of Rs 161.80 and a high of Rs 192.20.

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Zinc futures for August delivery slipped Rs 0.35, or 0.18 percent, to Rs 190.90 per kg at 18:54 hours on a business turnover of 2,971 lots. The same for September contract was down Rs 0.40, or 0.21 percent, to Rs 191.05 per kg on a turnover of 78 lots.

The value of August and September contracts traded so far is Rs 824.55 crore and Rs 8.20 crore, respectively.

"Zinc has formed multiple resistance near Rs 192.30 and failed to break out. A breakdown below Rs 189.50 would drag prices lower towards Rs 188-187.50 levels in intraday trade," Axis Securities said.

zinc_aug7

At 13:29 (GMT), the base metal futures were down 0.22 percent at $2,398.75 per tonne in London.
First Published on Aug 7, 2020 07:52 pm
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