Lead prices down by 1.1% on weak overseas cues

Low demand in the domestic markets also affected prices

Amid bearish global trend and muted domestic demand, lead prices were down by 1.14% to Rs 120.95 per kg in futures trading today as participants cut down their bets.

Lead for delivery this month declined by Rs 1.40 or 1.14% to Rs 120.95/kg in a business turnover of 449 lots.

Similarly, the metal for delivery in March contracts eased by Rs 1.25 or 1.02% to Rs 121.50 per kg in 9 lots.

Marketmen said the fall in lead futures was due to a weak trend overseas as industrial metals retreated amid anxiety over the health of the global economy.

Besides, sluggish demand at the domestic spot markets from battery-makers too weighed on metal futures here, they said.
 
Globally, lead lost 1% to $1,785.50 per tonne at Shanghai after closing at $1,803 yesterday, the highest since October 16.