Lead gains 0.33% on firm global cues

Interest by battery makers drives domestic demand in spot markets

Tracking a firm global trend, lead prices today rose 0.33% to Rs 104.90 per kg after speculators enlarged their positions. A pick-up in the demand at the spot markets from battery-makers also helped lead trade higher.

At the Multi Commodity Exchange, lead for delivery in July traded 35 paise, or 0.33% higher, at Rs 104.90 per kg, in a turnover of 113 lots.The August contract rose by 30 paise, or 0.28%, to Rs 105.75 per kg in a turnover of 11 lots.

At the London Metal Exchange (LME), lead was being quoted 0.59% higher at $1,871 a tonne.

Analysts said creation of fresh positions by speculators, supported by a firming trend in base metals at the LME, influenced lead prices at the futures trade. Rising demand in the domestic spot markets from the battery-makers also supported the rise in metal prices, they said.