Golden Investment Research (P) Limited
Zinc Recouped Favored By Some Short Covering During The Last Week
TIME : 10.29, JAN 9, 2012
Zinc ended higher by 0.5% or Rs 0.45 at Rs 97.85 per kg with its intraday high at Rs 98 per kg and low at Rs 96.65 per kg. Short covering was seen in Zinc with 91.45% dip in its open interest to 455 lots and volume traded stood at 14,337 lots compared to 17,594 lots traded last day. At LME, Zinc ended lower by 0.3% to $1843 per tonne.
The better than expected US unemployment rate that dropped by 8.5% in December to its lowest level since February 2009 brought in some gains during the late session of trade on Friday during the last week. However, the European debt worries still dogged out in the market cramping the metal from its huge gains.
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