Lead futures rise 1.22% to Rs 149.05 per kg in evening trade

In the futures market, lead for September delivery touched an intraday high of Rs 149.45 and a low of Rs 146.80 per kg on the MCX.

Lead prices climbed to Rs 149.05 per kg on September 14 as participants increased their long positions supported by the rebound in auto sales in China, US and the eurozone, but higher stocks at London Metal Exchange (LME) accredited warehouse may cap the upside. Stocks jumped by 7,625 tonne to 131,225 tonne, the highest level since July 2018.

In the futures market, lead for September delivery touched an intraday high of Rs 149.45 and a low of Rs 146.80 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the base metal has touched a low of Rs 145.40 and a high of Rs 159.

Lead futures for September delivery gained Rs 1.8, or 1.22 percent, to Rs 149.05 per kg at 22:15 hours on a business turnover of 1,190 lots. The same for October delivery was up Rs 1.85, or 1.24 percent, to Rs 150.45 per kg with a turnover of 148 lots.

The value of September and October’s contracts traded so far is Rs 310.35 crore and Rs 7.44 crore, respectively.

On the technical charts, lead is trading under an ascending triangle pattern. "Any breakout above Rs 148 would push prices higher towards Rs 149.50-150 levels in intraday trade," according to Axis Securities.

At 1648 (GMT), the base metal futures gained 1.55 percent at $1,920.75 per tonne in London.

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