Lead futures soften on overseas trends, sluggish demand

Dec 13 2012, 13:44 IST
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SummaryTracking weakness in other base metals overseas, lead shed 0.44 per cent to Rs 124.30 per kg in futures trade.

Tracking weakness in other base metals overseas, lead shed 0.44 per cent to Rs 124.30 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 prices for delivery in December softened by 55 paise, or 0.44 per cent, to Rs 124.30 per kg in business turnover of 4,616 lots. The metal prices for delivery in January also fell by a similar margin to trade at Rs 124.65 per kg in a business volume of 571 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 optimism about the Federal Reserve plans to expand economic stimulus faded and the dollar strengthened, reducing appeal of commodities including metals.

Sluggish demand from battery-makers in the domestic spot markets, also put pressure on the metal prices.

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