Lead futures shed 0.45 per cent on sluggish demand, global cues

NEW DELHI: Lead prices drifted by 0.45 per cent to Rs 123 per kg in futures trading today due to sluggish demand from battery-makers in the spot market amid a weak global trend.


At the Multi Commodity exchange, lead for delivery in July declined 55 paise, or 0.45 per cent, to Rs 123 per kg in business turnover of 305 lots.

Metal prices for delivery in June fell by 60 paise, or 0.43 per cent, to Rs 122.35 per kg in a turnover of 2,386 lots.

Globally, lead declined 2.1 per cent to USD 2,118 a tonne at the London Metal Exchange.

Market analysts said besides sluggish demand from battery- makers in the spot market, a weak trend in base metals pack at the London Metal Exchange on concern that central banks including the US Federal Reserve will scale back measures aimed at spurring economic growth, mainly kept pressure on lead prices at futures trade.

The yen's slight pullback against the dollar prompted some gold buying in Japan on Wednesday, a Singapore-based trader said.