At the Multi Commodity exchange, lead for delivery in March contracts was trading Rs 1.40, or 1.19 per cent, down at Rs 16.35 per kg in a business turnover of 29 lots.
Metal prices for delivery in February also fell by 35 paise, or 1.15 per cent, to Rs 115.80 per kg in 2,091 lots.
Market analysts said apart from slackened demand from battery-makers in the domestic spot market, a weak trend in base metals overseas amid concerns over Chinese manufacturing activity fell to its lowest level in three years to 49.4 in January, led to the fall in lead futures prices here.