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Ignoring weakening trend at the London Metal Exchange, zinc futures rose by 2.72 per cent to Rs 98.15 a kg on Monday largely on the back of better trend at the spot markets on pick-up in demand.
At the Multi Commodity Exchange, zinc for delivery in August traded higher by Rs 2.60, or 2.72 per cent, to Rs 98.15 a kg, with a business turnover of 5,709 lots.
Similarly, the metal for delivery in September gained Rs 3.60, or 2.69 per cent, to Rs 99.15 a kg, with a trade volume of 305 lots.
Market analysts said besides pick-up in spot demand, covering-up of short positions at prevailing levels helped zinc to trade higher despite weakness in metals at the London Metal Exchange (LME) after Standard and Poor’s downgraded the US credit rating.
Meanwhile, zinc traded 1.2 per cent down at $2,173 a tonne at the LME.
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