Zinc futures recover to Rs 325.8/kg after early slide

Zinc futures recovered in futures trade on Monday after an early fall, as traders engaged in bargain buying at lower levels despite weakness in the global base metal markets. Globally, zinc on the London Metals Exchange LME fell by USD 91.98, or 2.71 per cent, to USD 3,301.65 per 25 metric tonne.

Zinc futures recovered in futures trade on Monday after an early fall, as traders engaged in bargain buying at lower levels despite weakness in the global base metal markets. On the Multi Commodity Exchange, Zinc futures for February contract opened lower in the morning trade and fell by Rs 7.55, or 2.4 per cent, to hit an intraday low of Rs 312 per kilogram. However, the metal later staged a smart recovery and rose Rs 6.25, or 1.96 per cent, to Rs 325.80 per kg. Market participants said the recovery was driven by buying interest at lower prices, even as sentiment remained cautious in the overseas markets. Globally, zinc on the London Metals Exchange (LME) fell by USD 91.98, or 2.71 per cent, to USD 3,301.65 per 25 metric tonne.