After getting cornered by 1.5 percent on Monday, Zinc has eradicated most of its losses on Tuesday as it pumped up by 1.2 percent. The LME three month Zinc prices were seen trading at $ 1871 per tonne, against $ 1848 per tonne on Monday.
International Zinc Study Group (ILZSG) reported that the global Zinc markets were in surplus of 50000 tonnes in January- February 2013. This was lower than 123000 tonnes in January-February 2013.
Total production of Refined Zinc was 2.12 million tonnes in January-February 2013 while the refined Zinc consumption was 2.077 million tonnes in the same period.
On MCX, Zinc April contract is trading at Rs 100.5 per kg, down 0.25 percent on account of recovery in Rupee against the US Dollar. The Indian Rupee was seen trading at 54.34 against the greenback, up 0.5 percent.
Source by Commodity Insights
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