Zinc futures tanked more than 1% during late morning trade in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal amid sluggish physical demand for zinc in the domestic spot market. 

Meanwhile, traders weighed a bleak demand outlook from China, the world’s biggest metals consumer, as a manufacturing index contracted at a sharper pace in May, falling to 49.2 from 49.4 in April, with a reading below 50 signaling contraction.

Traders cast aside strong US consumer spending data which showed that household spending grew the most in nearly seven years, up by 1 % in April. Zinc futures for June 2016 contract, at MCX, were trading at Rs 127.9 per kg, down by 1.24% after opening at Rs. 128.5, against the previous closing price of Rs. 129.5. It touched the intra-day low of Rs.127.85 till the trading. (At 11:46 AM today).  content this no 9827808090