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.
Lead delivery for August delivery gained Rs 0.1, or 0.06 percent, to Rs 155.8 per kg at 18:19 hours on a business turnover of 577 lots. The same for September delivery was down Rs 0.15, or 0.1 percent, to Rs 156.30 per kg on a turnover of 252 lots.
The value of August and September contracts traded so far is Rs 135.88 crore and Rs 23.38 crore, respectively.
"Lead is expected to trade rangebound with support at Rs 155 and resistance at Rs 157.50 levels," Motilal Oswal said.
At 12:52 (GMT), the base metal futures was trading 0.6 percent higher at $1,976 per tonne in London.
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