Zinc on MCX settled down 1.51% at 169.50 tracking weakness from LME zinc which registered six consecutive trading days of decline as slower global economic growth weighed it to a month-low, below the $2,400/mt level.
Sentiments turn negative and prices comes under pressure from upward momentum in the United States dollar index although a marginal downturn in US equity markets hindered buying sentiment.
LME Zinc futures went down by around 2.5% during the afternoon, but closed above $2,400 per tonne after falling to their lowest level since September 2018 in the morning session. Record-low stocks of LME inventory continue to drive bouts of positive price action, but despite decade-low stock levels in on-warrant copper, zinc and lead, all three metals were subject to downward price pressure.
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