Zinc futures decline on weak demand

Zinc futures were trading lower as participants indulged in reducing positions amid subdued demand in the domestic spot markets. Besides, a losing trend in overseas markets on demand concern as a measure for new credit in China, the largest metals consumer, suggested the economy was slowing, also put pressure on the Zinc futures prices. The contract for April delivery was trading at Rs 123.45, down by 0.24% or Rs 0.30 from its previous closing of Rs 123.75. The open interest of the contract stood at 2126.00 lots. The contract for May delivery was trading at Rs 124.40, down by 0.16% or Rs 0.20 from its previous closing of Rs 124.60. The open interest of the contract stood at 137.00 lots on MCX.