Low demand hurts lead futures, down 0.40 per cent

Lead prices weakened by 0.40 per cent to Rs 111.40 per kg in futures trading today after speculators lightened their positions on sluggish demand from battery makers in spot markets.
In addition, weakness in the base metals pack at the London Metal Exchange weighed on the prices.
At the Multi Commodity exchange, lead for delivery in September eased 45 paise or 0.40 per cent to Rs 111.40 per kg in a business turnover of 2 lots.
Similarly, the metal for delivery this month traded lower by 30 paise or 0.27 per cent to Rs 110.50 per kg in 91 lots.

Market analysts said apart from low demand from battery makers in the spot market, weakness in base metals at the LME as China's stimulus measures failed to convince investors that they're enough to resuscitate underlying demand in the world's biggest buyer of commodities, led to the fall in lead futures here.
China cut interest rates for the fifth time since November yesterday to help bolster the country's slowing economy and plunging stock market.