Lead futures gain over 2% on overseas trend,spot demand

Lead futures prices today edged up by 2.22 per cent to Rs 122.20 per kg.

Written by Agencies | New Delhi | Published: September 14, 2012 12:41:57 pm

Tracking a firming trend in base metals in the overseas market,lead futures prices today edged up by 2.22 per cent to Rs 122.20 per kg after speculators enlarged their positions.

Pick-up in demand from battery-makers also helped lead to trade higher at futures trade.

At the Multi Commodity Exchange,lead for delivery in October traded Rs 1.65,or 2.22 per cent higher,at Rs 122.20 per kg,with a turnover of 803 lots.

The metal for delivery in September also rose by Rs 2.60,or 2.18 per cent,to Rs 121.60 per kg,with a turnover of 6,126 lots.

Marketmen said creation of fresh positions by speculators,driven by a firm trend in copper and other base metals overseas after fresh round of quantitative easing was announced by the US Federal Reserve to revive the world’s biggest economy,influenced lead prices at futures trade here.

Further,rising demand from battery-makers also supported the upside in metal prices,they said.

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