Last Updated :
05 March 2009 at 11:00 IST
HZL raises zinc prices, stock surges past 3%
Commodity Online
MUMBAI: Hindustan Zinc Ltd today increased the zinc prices by Rs.3,400 per tonne in line with the possibility of rise in the metal demand.
The stock price kept surging on the Bombay Stock Exchange (BSE) contradicting the benchmark index Sensex which was trading in red in the opening trading hour at 8432.88 down by 13.61 points, while HZL stocks stayed firm and traded at Rs. 347 up by more than 3%.
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Zinc Futures remained stable on the commodity exchanges at Rs.58.3 per kg in the spot market while for the MCX March contract it stood at Rs. 61.45 per kg. However, the prices kept surging during past week, as the March contract had surged from Rs.58.45 per kg last week to the current levels.
In the international market as well, the zinc prices kept surging to USD 1194/MT. However experts believed that zinc demand remained soft among all of its customer sectors. According to them, the demand seemed weaker than a year ago, additionally the zinc stocks too raised to 360,000 tonnes at the start of March from 254,000 at the start of January 2009.
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