Lead marginally down on global cues, subdued demand

August contract falls 0.24%

Tracking a weak overseas trend and sluggish domestic demand, lead prices moved down by 0.24% to Rs 104.60 per kg in futures trade today as speculators reduced their positions.

At the Multi Commodity Exchange, lead for delivery in August shed 25 paise, or 0.24%, to Rs 104.60 per kg, with a business turnover of 2,669 lots.

The September contract weakened to Rs 105.60 per kg, with a business turnover of 132 lots.

Lead fell 0.4% to $1,885 per tonne at the London Metal Exchange.

Marketmen said a weak trend in base metals overseas on speculation that a slowdown in China, the biggest consumer of metals, and lower-than-estimated growth in Japan will dampen demand put pressure on lead prices at futures trade.

 

Subdued domestic demand also had its impact, they said.