Lead futures down as global trend weakens

Lead fell 1.38 per cent to Rs 111 per kg in futures trade today after participants reduced exposure amid a weak trend in commodities and equities in global market after China devalued its currency.
Besides, subdued demand at the domestic spot markets too kept pressure.
At Multi Commodity Exchange, lead for delivery in January month contract was trading Rs 1.55, or 1.38 per cent, down at Rs 111 per kg in a business turnover of 1,157 lots.
Also, metal for delivery February month shed Rs 1.50, or 1.33 per cent to Rs 111.65 per kg in 52 lots.
Analysts said weakness in base metals at the London Metal Exchange after China devalued its currency against the dollar amid worries over slowing growth in the world's second-largest economy, which have roiled investors worldwide, and with pressure on its currency from capital outflows, put pressure on lead futures here.

China's central bank lowered its currency yuan by 0.51 per cent to 6.5646 per dollar, the lowest since March 2011.
Furthermore, muted demand from battery-makers in the domestic spot market kept pressure on metal prices, they said.