In the futures market, lead for August delivery touched an intraday high of Rs 157.10 and a low of Rs 155.65 per kg on the MCX
Lead prices rose to Rs 155.80 per kg on August 24 as participants increased their long positions.
The base metal is seeing support from lower stocks at accredited warehouse of the Shangai Futures Exchange (SHFE) and decline in surplus, but build-up in inventory at London Metal Exchange (LME) warehouses may cap the upside.
Abhishek Bansal, Founder Chairman, Abans Group, said, lead is trading above its short-term moving averages on the daily charts, suggesting a positive trend in the near term. “The metal could rise towards $2,020 and 2,045, while support is seen near $1,955 and $1,935 levels.”
In the futures market, lead for August delivery touched an intraday high of Rs 157.10 and a low of Rs 155.65 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the base metal has touched a low of Rs 142.95 and a high of Rs 158.75.