Lead costs climbed to Rs 149.05 per kg on September 14 as contributors elevated their lengthy positions supported by the rebound in auto gross sales in China, US and the eurozone, however larger shares at London Steel Change (LME) accredited warehouse might cap the upside. Shares jumped by 7,625 tonne to 131,225 tonne, the best stage since July 2018.
Within the futures market, lead for September supply touched an intraday excessive of Rs 149.45 and a low of Rs 146.80 per kg on the Multi-Commodity Change (MCX). To this point within the present sequence, the bottom metallic has touched a low of Rs 145.40 and a excessive of Rs 159.
Lead futures for September supply gained Rs 1.8, or 1.22 %, to Rs 149.05 per kg at 22:15 hours on a enterprise turnover of 1,190 heaps. The identical for October supply was up Rs 1.85, or 1.24 %, to Rs 150.45 per kg with a turnover of 148 heaps.
The worth of September and October’s contracts traded to date is Rs 310.35 crore and Rs 7.44 crore, respectively.
On the technical charts, lead is buying and selling underneath an ascending triangle sample. “Any breakout above Rs 148 would push costs larger in direction of Rs 149.50-150 ranges in intraday commerce,” in accordance with Axis Securities.
At 1648 (GMT), the bottom metallic futures gained 1.55 % at $1,920.75 per tonne in London.
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First Printed on Sep 14, 2020 10:48 pm