Lead In The Red On Soft Physical Demand

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

Traders weighed a reduction in global growth forecasts by the IMF which warned that Britain’s decision to leave the EU may hit confidence among investors and companies. The IMF cut its forecast for growth in the world economy this year to 3.1 per cent from 3.2 per cent earlier.

At the MCX, Lead futures for July 2016 contract is trading at Rs 123.55 per kg, down by 0.84 per cent, after opening at Rs 124.75, against a previous close of Rs 124.60. It touched the intra-day low of Rs 123.50.

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Suhani Verma

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