Lead down 0.38% on global cues, sluggish demand

Globally lead lost 0,4% from previous close

Amid a weak trend in base metals overseas and subdued domestic demand, lead futures traded lower by 0.38% at Rs 104.95 per kg.

At the Multi Commodity Exchange, lead for delivery in August shed 40 paise, or 0.38%, to Rs 104.95 per kg, with a business turnover of 94 lots.

The July contract also moved down by 30 paise, or 0.29%, to Rs 103.80 per kg, with a turnover of 1,294 lots.

Globally, lead lost 0.4% at $1,853.50 per tonne at the London Metal Exchange.

Marketmen said weakness in base metals at the LME after China's manufacturing expanded at the weakest pace in seven months as overseas orders dropped, and South Korea cut its estimate for export growth this year influenced lead futures prices.

Fall in demand from battery-makers also impacted lead futures prices, they said.