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Lead prices traded lower by 2.10% to Rs 123.60 per kg in futures market today as speculators reduced their positions on slowing global economic growth amid subdued domestic demand.
At the Multi Commodity Exchange, lead for delivery in October declined by Rs 2.65, or 2.10%, to Rs 123.60 per kg in business turnover of 335 lots.
Likewise, the metal for delivery in November shed Rs 2.60, or 2.04%, to Rs 124.70 per kg in 40 lots.
Analysts attributed the weakness in lead futures to offloading of positions by speculators after metal dropped to the lowest price since May 2013 on demand concerns following signs of slowing economic growth in China to the US.
Besides, subdued demand from battery-makers in domestic markets also put pressure on metal prices, they said.
Globally, lead for delivery in three months on the London Metal Exchange was down 1.2% at $1,993 a metric tonne.
