Lead futures remain firm, up 2.8 pc in opening trade
Supported by fall in LME-monitored inventories, lead extended its upward march to trade 2.8 pc in opening trade on the domestic futures market.
By PTI |
NEW DELHI: Supported by fall in LME-monitored inventories, lead extended its upward march to trade 2.8 per cent in opening trade on the domestic futures market on Wednesday.
Reports that smaller Chinese smelters might trim output also boosted lead prices.
All three running contracts July, August and September were trading in the positive territory with gains up to 2.80 per cent on the Multi Commodity Exchange.
At 1045 hrs, Lead for far-month September contract prices surged 2.80 per cent to Rs 95.55 per kg with a transaction of one lot.
Both July and August contracts for lead were also up by 1.52 and 1.51 per cent to Rs 93.45 and Rs 94.35 per kg respectively. The contracts registered business volume of 1,125 and 144 lots respectively.
Traders said persistent rise in lead prices is mostly supported by a 10 per cent fall in LME-monitored inventories and expectations of pick up in spot demand for the metal, used in batteries and paints.
"Falling LME-inventories and supply concerns were major factors behind persistent rise in lead prices in the futures market," Karvy Comtrade's G Harish said.
Meanwhile, lead in global markets was trading at nine-week high of 2,125 US dollar per metric tons.
Reports that smaller Chinese smelters might trim output also boosted lead prices.
All three running contracts July, August and September were trading in the positive territory with gains up to 2.80 per cent on the Multi Commodity Exchange.
At 1045 hrs, Lead for far-month September contract prices surged 2.80 per cent to Rs 95.55 per kg with a transaction of one lot.
Both July and August contracts for lead were also up by 1.52 and 1.51 per cent to Rs 93.45 and Rs 94.35 per kg respectively. The contracts registered business volume of 1,125 and 144 lots respectively.
Traders said persistent rise in lead prices is mostly supported by a 10 per cent fall in LME-monitored inventories and expectations of pick up in spot demand for the metal, used in batteries and paints.
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"Falling LME-inventories and supply concerns were major factors behind persistent rise in lead prices in the futures market," Karvy Comtrade's G Harish said.
Meanwhile, lead in global markets was trading at nine-week high of 2,125 US dollar per metric tons.
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