Lead Opens In Red Even As Rupee Remorse Continues

Lead........

Lead and other base metals have opened in red even as Rupee regret continued against the Dollar. The markets were expected to open with pressure on account of profit booking in London Metal Exchange but the support of Indian Rupee seems to be missing in first half and hour of trading. INR was trading at 56.85 against the Dollar, down 0.23 percent.
Battery material lead has been powerfully performing in the base metals pack on the back of renewed demand from battery manufacturers and recovery in China manufacturing data. The inventories have been declining all through this year. Meanwhile Indian problems have remained intact.
The interest rates are still higher and RBI next move is eagerly watched by the industry. The demand side is so lackluster that the automobile manufacturers are trying to woo customers with attractive discounts.
The waiting time is also limited to some segments of automobile markets. In fact in passenger car segment, most of the versions are available on demand which was not the case few years back when waiting period extended to as much as 2 to 3 months.
LME Lead was seen at $ 2217 per tonne, against $ 2244 per tonne on Wednesday. The prices are still at two and half months high. Meanwhile, MCX Lead was at Rs 126.6 per kg, down 0.5 percent. Prices can correct towards Rs 125 per kg in coming days on profit booking.
Source by Commodity Insights