Lead futures up on spot demand, short-covering

Lead futures traded 0.41 per cent higher to Rs 111 per kg today, largely in tandem with firming trend at spot markets on pick up in demand amid short-covering by speculators.

At the Multi Commodity Exchange, lead futures for delivery in December rose by 45 paise or 0.41 per cent to Rs 111 per kg, with a business turnover of 2,594 lots.

Similarly, lead futures for January contract delivery also gained by 45 paise or 0.40 per cent to Rs 109.60 per kg, with a business turnover of 341 lots.

Analysts said rise in lead futures was mostly attributed to a firm trend in base metals overseas and strong demand at the domestic spot markets from battery makers.

Besides, covering-up of pending short positions ahead of monthly expiry also influenced lead prices, they said.