Lead trades lower in futures trade on weak global trend

Lead traded lower by Re one or 1.06 per cent to Rs 84.70 per kg in futures trade today after speculators reduced their positions, triggered by weakness in global markets.

Weak trend at the physical markets from the consuming industries also kept pressure on the lead futures prices.

At the Multi Commodity Exchange, lead for June contract shed Re one, or 1.06 per cent to Rs 84.60 per kg, with a turnover of 1,250 lots.

The metal for delivery in July-month contract also traded lower by Rs 0.90, or 1.04 per cent, at Rs 85.80 per kg, with a business turnover of 70 lots.

Analysts said a weak trend in entire base metals pack at the London Metal Exchange and Shanghai, weighed down by warnings from the European Central Bank and China about the economic recovery, led to a fall in lead futures.

The ECB said that euro zone banks face up to 195 billion euros in a 'second wave' of potential loan losses over the next 18 months due to the financial crisis.