Lead futures up 0.13% on base metal gains

Lead prices moved up by 0.13 per cent to Rs 114.70 per kg in futures trade today as participants were seen raising their bets, driven by pick-up in domestic spot market demand even as metal weakened overseas.

At Multi Commodity Exchange, lead for delivery in May moved up by 15 paise, or 0.13 per cent, to Rs 114.70 per kg in a business turnover of 421 lots.

Metal for delivery in June rose by a similar margin to trade at Rs 115.50 per kg in 14 lots.

Market analysts attributed the rise in lead futures to speculators enlarging their positions following pick-up in demand from battery-makers in the spot market but weakness in the the base metals pack at the London Metal Exchange (LME) after manufacturing reports in the US and China trailed expectations, restricted gains.