Lead futures steady at Rs 155.1 per kg, Axis Securities sees further downside
In the futures market, lead for September delivery touched an intraday high of Rs 156.35 and a low of Rs 154.60 per kg on the MCX.
August 27, 2020 / 07:49 PM IST
Lead prices were steady at Rs 155.10 per kg on August 27 as participants increased their long positions.
Base metal prices were seeing support from the lower stocks at accredited warehouses of the Shanghai Future Exchange (SHFE) along with a rise in demand from China.
In the futures market, lead for September delivery touched an intraday high of Rs 156.35 and a low of Rs 154.60 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the base metal has touched a low of Rs 148.65 and a high of Rs 159.
Lead futures for September delivery slipped Rs 0.45, or 0.29 percent, to Rs 155.10 per kg at 19:24 hours on a business turnover of 563 lots. The same for October delivery was up Rs 0.7, or 0.46 percent, to Rs 154 per kg on a turnover of 23 lots.
The value of September and October’s contracts traded so far is Rs 142.24 crore and Rs 0.92 crore, respectively.
"Lead is trading near its rectangle pattern support level, so expect the commodity to trade negatively. Any break down below Rs 154.5 would drag prices lower towards Rs 153-152.5 levels in intraday trade," according to Axis Securities.
At 1357 (GMT), base metal futures slipped 0.56 percent to $1,970.25 per tonne in London.