Lead futures dip 0.71% to Rs 145.9 per kg, further weakness seen
In the futures market, lead for October delivery touched an intraday high of Rs 147.15 and a low of Rs 145.10 per kg on the MCX
September 25, 2020 / 08:59 PM IST
Lead prices eased to Rs 145.9 per kg on September 25 as participants increased their short positions.
Sunandh Subramaniam, Senior Research Associate, Choice Broking, said, “In the coming month, we expect lead futures to trade bearish due to stronger Dollar Index and weak economic data in the US and European Union. China and other Asian countries usage, which had been lagging in the previous months, is also forecasted to remain lower in the months ahead.”
In the futures market, lead for October delivery touched an intraday high of Rs 147.15 and a low of Rs 145.10 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the base metal has touched a low of Rs 145 and a high of Rs 157.20.
Lead futures for October delivery slipped Rs 1.05, or 0.71 percent, to Rs 145.90 per kg at 20:13 hours on a business turnover of 844 lots. The same for September delivery gained Rs 4.35, or 2.99 percent, to Rs 149.90 per kg on a turnover of 372 lots.
The value of September and October’s contracts traded so far is Rs 8.28 crore and Rs 159.09 crore, respectively.
On the daily chart, MCX October Lead Futures has breached its Ichimoku Cloud, indicating weakness in the counter. Also, the counter’s 20 and 50 days Simple Moving Average has given a negative crossover, which indicates power in the hands of the bears.
Subramaniam sees resistance around Rs 150.40 and support at Rs 141.90.
At 14:56 (GMT), base metal futures slipped 1.94 percent at $1,830.50 per tonne in London.For all commodities related news, click here