Lead futures shed 1.58% on subdued demand, global trend

Lead futures prices drifted by 1.58 per cent to Rs 108.80 per kg today as speculators reduced their positions following a subdued spot demand and weak trend at the London Metal Exchange.

At the Multi Commodity Exchange, lead, mostly used by batter makers, traded at Rs 1.75, or 1.58 per cent down at Rs 108.80 per kg for delivery in November-month contract. It clocked business turnover of 18 lots.

The metal for December-delivery also fell by Rs 1.60, or 1.44 per cent to Rs 109.70 per kg in a turnover of 4 lots.  

Analysts said a weak trend at the spot markets on slackened demand and losses in copper and other base metals at the London Metal Exchange on concerns that China, the world's biggest metal consumer, may take further measures to tighten monetary policy to cool inflation, mainly led to a decline in lead futures prices here.

Meanwhile, the London Metal Exchange Index of prices for six industrial metals, including copper and aluminium, slid 0.3 per cent yesterday.