Lead firms up 0.26% on spot demand; overseas trend

Traders enlarge positions on higher offtake from battery makers and gains in base metals on LME

Lead futures strengthened by 0.26 per cent to Rs 116.45 per kg today as speculators enlarged positions on rising demand in the domestic spot market and a firming trend overseas.

At Multi Commodity Exchange, lead for delivery in October was trading higher by 30 paise, or 0.26 per cent, at Rs 116.45 per kg, with a turnover of 271 lots.

The metal for delivery in November rose by 10 paise, or 0.09 per cent, to Rs 117.35 per kg, in a business volume of three lots.

Marketmen said apart from pick-up in domestic demand, particularly from battery-makers, gains in base metals at the London Metal Exchange after bullish comments from miners and speculation that central banks in China and the US will continue easier monetary policies to counter weaker economic data, supported the upside in lead futures here.