Lead futures soften on overseas trends, sluggish demand
Agencies: New Delhi, Dec 04 2012, 14:14 IST
Tracking weakness in other base metals in the global markets, lead softened by 0.25 per cent to Rs 122.45 per kg in futures trade today as speculators reduced their positions.
Subdued demand from battery-makers in the spot market, also kept pressure on the metal's price.
At the Multi Commodity exchange, lead for delivery in December softened by 30 paise, or 0.25 per cent, to Rs 122.45 per kg in business turnover of 1,843 lots.
The metal for delivery in the December contract also fell by similar margin to trade at Rs 122.60 per kg in a business volume of 143 lots.
Market analysts attributed the decline in lead futures to a weak trend in copper and other base metals at the London Metal Exchange after US manufacturing unexpectedly shrank and a budget stand-off intensified.
Sluggish demand from battery-makers in the domestic spot markets, also put pressure on the metal prices.
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