Lead futures up on global cues

Lead futures prices traded higher by Rs 1.15 to Rs 103.85 per kg today, as speculators enlarged their positions on the back of a firm global trend.

Increased offtake by car-battery makers further supported the uptrend.

At the Multi Commodity Exchange counter, lead for delivery in January gained Rs 1.15, or 1.12 per cent to Rs 103.85 per kg, with an open interest of just one lot.

Similarly, the metal for delivery in November traded marginally higher by Rs 0.25, or 0.25 per cent to Rs 101.30 per kg, with a business turnover of four lots. 

Market analysts said speculators enlarging their positions in line with a firm trend at the London Metal Exchange (LME) led to the rise in lead prices.

Meanwhile, lead rose by 1 per cent to $2,245 a tonne at the LME.

They said rising demand among car battery makers, following an upsurge in auto sales, also supported the uptrend to some extent.