The prices of metals are witnessing no respite from the sell off that began this month and cornered the metals to multi month lows. Same is the case with battery material lead that is down by more than 1 percent on Tuesday. Three month Lead prices were seen at $ 1993.5 per tonne, compared to $ 2015 per tonne on Monday.
Lead futures for April expiry on MCX was trading at Rs 107.3 per kg, down 0.7 percent. The metal is expected to get supports at Rs 107 and Rs 106.4 per kg. Resistance for the contract is at Rs 109.8 per kg.
Lead demand emerges from batteries of vehicles, power products like the UPS and invertors and Mobiles. The slowdown in India is a big negative as the local demand has been suffering.
The total cumulative production of automobiles for the financial year ending March 2013 was just 1.2 percent over last year. In the month of March 2013, the position was far worse as total production was down by 8.7 percent to 1685355 units.
Domestic sales increased by 2.6 percent in April-March period 2013, while in the month of March 2013 domestic sales was down by 7.7 percent over March 2012.
International Zinc Study Group (ILZSG) reported that the global Lead markets were in surplus of 8000 tonnes in January- February 2013. This was lower than 26000 tonnes surplus in January-February 2013.
Total production of Refined Lead was 1.683 million tonnes in January-February 2013 while the refined Lead consumption was 1.675 million tonnes in the same period.
Source by Commodity Insights
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