Lead gains on overseas trend, spot demand

Tracking a recovery in base metals in the overseas market, lead futures prices today edged up by 0.17% to Rs 120.55 per kg after speculators enlarged positions.

Pick-up in spot demand from battery-makers also helped lead to trade higher at futures trade.

At the Multi Commodity Exchange, the September contract traded 20 paise, or 0.17%, higher at Rs 120.55 per kg, with a turnover of 932 lots.

The October contract also rose by a similar margin to Rs 120.60 per kg, with a business volume of 260 lots.

Marketmen said creation of fresh positions by speculators, driven by a firm trend in copper and other base metals overseas, influenced lead prices at futures trade here.

Further, rising demand from battery-makers also supported the upside in metal prices, they said.