Lead weakens on subdued demand, global cues

April, May contracts shed 0.4% each on lower offtake from battery makers, sluggish Chinese economy

Taking weak cues from the global market and sluggish domestic demand, lead fell by 0.40 per cent to Rs 123.90 per kg in futures trade today as speculators trimmed positions.

At the Multi Commodity exchange, lead for delivery in May fell by 50 paise, or 0.40 per cent, to Rs 123.90 per kg in a business turnover of three lots.

Metal prices for delivery in April also fell by 45 paise, or 0.38 per cent, to Rs 123.15 per kg in 355 lots.

Market analysts said apart from slackened demand from battery-makers in the domestic spot market, a weak trend in base metals overseas after data showed China grew at the slowest pace since the global recession, attributed to fall in lead futures prices here.