Base metals: Lead, nickel rise on spot demand

Lead futures rose by 0.15 per cent to Rs 161.90 per kg today as participants created fresh positions on the back of strong demand at the spot market.

In futures trading at the Multi Commodity Exchange, lead for delivery in current month traded higher by 25 paise, or 0.15 per cent, at Rs 161.90 per kg, with a turnover of 304 lots.

Also, the metal for delivery in October traded up by 20 paise, or 0.12 per cent, at Rs 162.45 per kg, in a turnover of 16 lots.

Marketmen said pick-up in domestic demand, particularly from battery-makers, supported the upmove in lead prices in futures trade.

Nickel
Nickel prices were up 1.22 per cent at Rs 687.90 per kg in futures trade today on pick-up in demand from consuming industries at the spot market.

At the Multi Commodity Exchange, nickel for delivery this month moved up by Rs 8.30, or 1.22 per cent, to Rs 687.90 per kg, in a business turnover of 1,326 lots.

Also, the metal for delivery in October gained Rs 8.30, or 1.21 per cent, to Rs 694.40 per kg in 73 lots.

Marketmen said besides pick-up in domestic demand from alloy-makers, covering-up of short positions by speculators, led to the rise in nickel prices at futures trade.