MCX Lead for April expiry was trading with handsome gains of 1 percent. The prices were last seen at Rs 110.6 per kg. Rise in MCX Lead contract is majorly on account of speculative trading and bottom fishing in the markets.
LME exchange is close for the day on account of Early May Bank holiday and this has given chance to local traders to chip in and create volatility. Other metals like Copper and Nickel were also up. Lead is used in production of batteries, UPS and Invertors.
International Lead and Zinc Study Group expects that Lead markets would remain in surplus of 42000 tonnes in 2013. Refined lead metal production of Lead is expected to reach 11.13 million tonnes, which is up by 4.8 percent from last year. Global refined lead usage is expected to move up by 4.8 percent to 11.09 million tonnes in 2013.
Source by Commodity Insights
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