The August zinc contract on MCX continued to rise for the fourth consecutive day to hit an over five-month high tracking the benchmark contract on LME. Prices of nickel and zinc are gaining on LME and MCX, following the recent surge in steel prices in China on reports of curb in illegal production units.
Nickel contracts were also up on MCX and LME for the third consecutive day. Zinc and nickel are major raw material used in the manufacturing of stainless steel. “Higher steel prices and fall in stock levels at LME warehouses are supporting the prices of these metals.
Source : Newswire
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