Zinc futures soared by more than 1 per cent during morning trade in the domestic market on Thursday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for zinc in the domestic spot market.
Further, easing worries over the economic fallout from Britain’s vote to exit from the EU amid optimism that global central banks may step up support to financial markets also buoyed the metal. While the Federal Reserve is unlikely to raise interest rates in the coming months, other central banks have pledged to boost stimulus to restore confidence in financial markets and support economic recovery.
Zinc futures for June 2016 contract, at MCX, were trading at Rs 142.45 per kg, up by 1.24 per cent after opening at Rs. 141.35, against the previous closing price of Rs. 140.70. It touched the intra-day high of Rs. 142.60. (At 11:00 AM).
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