Base metals: Lead and nickel rise on increased demand

Lead prices edged higher by 0.27 per cent to Rs 147.30 per kg in futures trade today after traders enlarged positions amid pick-up in demand at domestic spot markets.

At the Multi Commodity Exchange, lead for delivery in June rose by 40 paise, or 0.27 per cent, to Rs 147.30 per kg in a business turnover of 482 lots.

The metal for delivery in July edged up by 35 paise, or 0.24 per cent, to Rs 148.10 per kg in 40 lots.

Market analysts said uptick in demand from battery-makers in the domestic spot markets, kept lead prices higher in futures trade.

Nickel
Nickel prices were trading up by 0.07 per cent to Rs 593.40 per kg in futures market today as speculators raised bets amid a firming trend at domestic market on the back of increased demand from alloy-makers.

In futures trading at the Multi Commodity Exchange, nickel for delivery this month was trading a shade higher by 40 paise, or 0.07 per cent, to Rs 593.40 per kg, in a business turnover of 617 lots.

The metal for delivery in July rose 30 paise, or 0.05 per cent, to trade at Rs 598.30 per kg in 290 lots.

Analysts said increased domestic demand from alloy-makers at the domestic spot markets, supported the upside in nickel prices at the futures trade.

Zinc
Zinc prices eased 0.23 per cent to Rs 177.15 per kg in futures trade today as traders trimmed positions amid profit-booking by participants.

Besides, sluggish demand from consuming industries at domestic spot market fuelled the downtrend.

At the Multi Commodity Exchange, zinc for delivery in current month traded lower by 40 paise, or 0.23 per cent to Rs 177.15 per kg in a business turnover of 919 lots.

Similarly, the metal for delivery in July shed 35 paise, or 0.20 per cent, to Rs 177.60 per kg in 66 lots.

Analysts said the weakness in zinc at futures trade was mostly attributed to profit-booking by participants at current levels amid a subdued trend at the domestic spot markets due to low demand.