Lead gains on overseas trend, spot demand

Tracking a recovery in base metals overseas, lead futures today edged up by 0.38% to Rs 118.50 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 October contract for lead traded 45 paise, or 0.38%, higher at Rs 118.50 per kg, with a turnover of 1,890 lots.

The November contract also rose by a similar margin to Rs 118.65 per kg with a business volume of 221 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.

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