Commodities: Lead futures down 0.53%, nickel down too

NEW DELHI: Lead prices were down by 0.53 per cent to Rs 151.25 per kg in futures trade on Monday as traders trimmed their positions following sluggish demand from consuming industries.

At the Multi Commodity Exchange, lead for delivery in December traded lower by 80 paise or 0.53 per cent to Rs 151.25 per kg in business turnover of 187 lots.

On similar lines, the metal for delivery in January contracts edged down by 75 paise or 0.49 per cent to Rs 151.90 per kg in 2 lots.

Analysts said the weakness in lead futures was mostly attributed to offloading of positions by participants, driven by tepid demand from battery-makers at the domestic markets.

Nickel
Nickel prices declined by 0.12 per cent to Rs 757.40 per kg in futures trade as speculators cut down their bets, driven by easing demand in the spot market.

At the Multi Commodity Exchange, nickel for delivery in current month fell by 90 paise, or 0.12 per cent, to Rs 757.40 per kg, in a business turnover of 118 lots.

Likewise, the metal for delivery in January 2017 shed 30 paise, or 0.04 per cent, to Rs 762.90 per kg in eight lots.

Analysts said offloading of positions by participants on the back of sluggish demand from alloy-makers and other consuming industries in the spot market, mainly influenced nickel prices at futures trade.