Lead gains over 2% on overseas trend

Rising demand from battery-makers supports uptrend

Tracking a firm trend in base metals in the overseas market, lead futures prices today edged up by 2.22% to Rs 122.20 per kg after speculators enlarged their positions.

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

At the Multi Commodity Exchange, lead for delivery in October traded Rs 1.65, or 2.22% higher, at Rs 122.20 per kg, with a turnover of 803 lots.

September lead rose by Rs 2.60, or 2.18%, to Rs 121.60 per kg, with a turnover of 6,126 lots.

Marketmen said creation of fresh positions by speculators, driven by a firm trend in copper and other base metals overseas after fresh round of quantitative easing was announced by the US Federal Reserve to revive the world's biggest economy, influenced lead prices at futures trade here.

 

Rising demand from battery-makers supported the uptrend in metal prices, they said.