Base metals: Lead, nickel hurt by muted demand

Lead prices slipped 1.36 per cent to Rs 144.80 per kg in futures trade today as participants cut down their holdings due to sluggish demand from battery-makers in the spot market.

At the Multi Commodity Exchange, lead for delivery in July fell Rs 2, or 1.36 per cent, to Rs 144.80 per kg, in a business turnover of 14,384 lots.

On similar lines, the metal for delivery in August also trading Rs 1.90, or 1.29 per cent lower, at Rs 145.90 per kg, in a business turnover of 423 lots.

According to analysts, offloading of positions by participants, tracking a weak trend at the sot markets due to low demand from battery makers keeping pressure on lead futures.

Nickel
Nickel futures traded 0.94 per cent lower at Rs 623.90 per kg today as participants reduced their exposure to book profits amid muted demand from alloy- makers.

At the Multi Commodity Exchange, nickel for delivery in July fell Rs 5.80, or 0.94 per cent, to Rs 623.90 per kg, in a business turnover of 36,024 lots.

Also, metal for delivery in August was trading Rs 5.20, or 0.83 per cent lower at Rs 628 per kg in 3,068 lots.

Market analysts said profit-booking and subdued demand from from alloy-makers, led to the fall in nickel prices in futures trade.