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At the Multi Commodity Exchange (MCX), the February contract shed Re 1, or 0.80%, to Rs 124.10 per kg in 7,983 lots.
Prices fell due to profit-booking by speculators at prevailing levels.
However, a firming trend in metal at the London Metal Exchange (LME) limited the fall in prices.
Globally lead advanced 0.1% to $2,305 a tonne.
