Lead futures decline 0.70% as demand slackens

Lead prices weakened 0.70 per cent to Rs 119.75 per kg in futures trade today as speculators offloaded positions prompted by subdued demand in the spot market amid a weak trend in base metals at the London Metal Exchange (LME).
At Multi Commodity Exchange, lead for delivery in March shed 85 paise, or 0.70 per cent, to Rs 119.75 per kg, in a business turnover of 343 lots.
Metal for delivery in April fell by a similar margin to trade at Rs 120.10 per kg in two lots.
Market analysts said a weak trend in the base metal pack at LME on demand concerns following a key gauge of factory activity in China showed conditions deteriorated for a record seventh month.

China is the world's biggest consumer of metals.