Lead futures rose during noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal amid a pickup in physical demand for lead from battery-makers in the domestic spot market.
Further, a surge in US consumer confidence to a nine-year high in September 2016 and a pickup in US private sector growth signaled an improved outlook for metal demand in the world’s biggest economy. A combined gauge measuring US manufacturing and services rose to 52 this month from 51.5 in August, with a reading above 50 signaling expansion.
At the MCX, lead futures for September 2016 contract is trading at Rs 130.9 per kg, up by 0.85 per cent, after opening at Rs 130, against a previous close of Rs 129.80. It touched the intra-day high of Rs 131.25 (at 14:58 PM).