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Lead slips in futures trade as demand stays soft |
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NEW DELHI: Taking weak cues from the global market and sluggish domestic demand, lead fell 0.67 per cent to Rs 110.80 per kg in futures trade today as speculators reduced positions.
At the Multi Commodity exchange, lead for delivery in September contracts was trading 75 paise, or 0.67 per cent, down at Rs 110.80 per kg in a business turnover of 545 lots.
Metal prices for delivery in October also fell by 70 paise, or 0.62 per cent, to Rs 111.95 per kg in 27 lots.
In the international market, lead lost 0.9 per cent at the London Metal Exchange.
Market analysts said apart from slackened demand from battery-makers in the domestic spot market, a weak trend in base metals overseas amid renewed concerns over slowing growth in China, the biggest consumer, led to the fall in lead futures prices here.
Meanwhile, the Asian Development Bank has cut China's growth forecast and said the nation's declining appetite for energy, metals and other raw materials would hurt commodity-focussed export economies, including Mongolia and Indonesia.
Source : economictimes.indiatimes.com
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