Lead rises 0.22% on global cues

Pick up in spot demand from battery-makers supports uptrend

Tracking a rebound in base metals in the overseas market, lead futures prices today edged up by 0.22% to Rs 112.35 per kg after speculators enlarged positions.

Pick up in spot demand from battery-makers helped lead to trade higher at futures trade.

At the Multi Commodity Exchange, lead for delivery in October traded 25 paise, or 0.22%, higher at Rs 112.35 per kg, with a turnover of 1,519 lots.

November lead rose by a similar margin to Rs 112.55 per kg, with a business volume of 159 lots.

Marketmen said creation of positions by speculators, driven by a firm trend in copper and other base metals overseas, influenced lead prices at futures trade here.

Firm trend overseas was supported by a better-than-expected retail sales reported by the US.

Rising demand from battery-makers supported the upside in metal prices, they said.