Lead futures gain 0.27% on spot demand

Amid pick up in demand from consuming industries in the spot market, lead prices rose 0.27 per cent to Rs 166.80 per kg in futures trade today as speculators built up fresh positions.
However, weakness in select base metals at the London Metal Exchange (LME) capped the gains.
At the Multi Commodity Exchange, lead for delivery in January rose 45 paise, or 0.27 per cent, to Rs 166.80 per kg, in a business turnover of 95 lots.
Similarly, the metal for delivery in February edged higher by 35 paise, or 0.21 per cent, to Rs 167.10 per kg in four lots.

Market analysts said fresh positions created by traders amid upsurge in demand from battery-makers in the spot market supported the upside in lead prices here, but weakness in base metals overseas limited the gains.