Lead futures down on subdued demand, global cues

NEW DELHI: Lead futures fell by 0.33 per cent to Rs 119.20 per kg today after speculators trimmed their positions amid a weak trend in base metals at the London Metal Exchange.

Subdued demand from battery-makers at the domestic spot markets also put pressure on lead futures prices here.

At the Multi Commodity Exchange, lead for delivery in November fell by 40 paise, or 0.33 per cent, to Rs 119.20 per kg, with a business turnover of 3,307 lots.

The metal for delivery in December fell by similar margin to Rs 119.20 per kg in a turnover of 465 lots.

The fall in lead prices at futures trade was mostly in line with a weakening trend in the entire base metals pack at the London Metal Exchange after slow physical markets in China and a fifth consecutive monthly drop in Japan's exports fuelled concerns over a recovery in demand, market participants said.

Besides, subdued domestic demand also put pressure on metal prices, they said.