Lead in bearish mode

Lead in bearish mode

19/10/2016 15:12

Lead futures fell during noon trade in the domestic market on Wednesday as investors and speculators exit positions in the industrial metal amid weak physical demand for lead from battery-makers in the domestic spot market.

Traders seemed unimpressed with Chinese economic data as Q3 economic growth was unchanged at 6.7 per cent from the June quarter while industrial output growth of 6.1 per cent in September came in below estimates, clouding the metal’s demand outlook.

At the MCX, lead futures for October 2016 contract is trading at Rs 131 per kg, down by 0.27 per cent, after opening at Rs 131.50, against a previous close of Rs 131.35. It touched the intra-day low of Rs 130.70 (at 14:17 PM).

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