Lead futures for February shed 35 paise, or 0.28% to Rs 126.80 per kg in 372 lots.
At the Multi Commodity exchange, the January declined by 25 paise, or 0.2% to Rs 126.40 per kg in 1,674 lots.
Speculators reducing their exposures affected the trade.
Besides, sluggish demand from battery-makers also put pressure on the prices.
Weak trend in base metals at the London Metal Exchange even as China's preliminary manufacturing data for January that exceeded estimates influenced the lead futures tarde here.
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