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Lead extend losses on weak global cues

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Press Trust of India New Delhi

Amid weak trend in the entire base metals at the London Metal Exchange, lead fell by another Rs 1.45, or 1.41 per cent, to Rs 101.60 per kg in futures trading today.

Weakness in base metals at physical markets on slack demand too put pressure on the lead futures.

At the Multi Commodity Exchange counter, lead for September weakened by Rs 1.45, or 1.41 per cent, to Rs 101.60 per kg, clocking a turnover of 164 lots.

The metal for delivery in October contract traded Rs 1.45, or 1.39 per cent, to Rs 102.55 per kg, with a business turnover of 97 lots.

At the London Metal Exchange platform, lead futures lowered by 2.5 per cent to $2,180 a tonne.

Market analysts attributed the fall in lead futures to a meltdown in entire base metals pack in global markets on sell off, triggered by a report that regulators may be investigating large futures positions in copper in Shanghai.

 

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First Published: Sep 09 2010 | 1:37 PM IST

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