Lead gains 1.32% in futures trade on spot demand

Supported by firm demand in spot markets and firming trends overseas, lead prices rose by Rs 1.10, or 1.32 per cent to RS 84.40 per kg in futures trading today.

At the Multi Commodity Exchange, lead for delivery in June contract rose Rs 1.10, or 1.32 per cent to Rs 84.40 per kg, with an open interest of 6,421 lots.

Similarly, the metal for delivery in July contract edged up by Rs 1.05, or 1.25 per cent to Rs 85.35 per kg, with a trading volume of 1,830 lots.

Market analysts said firming trend in copper and other base metals at the London Metal Exchange was based on speculation that the Federal Reserve will keep interest rates unchanged to near zero to help the recovery of the US economy.

 

The pick up in demand at the spot markets from consuming industries also supported the rise in lead prices here. Meanwhile, at the London Metal Exchabnge, lead rose 1.1 per cent to $1,834 per tonne.