COM: Lead Futures hit seven-week high eyeing positive global trends
AHMEDABAD (Commodity Online): Lead jumped to a seven week high at Indian’s Multi Commodity Exchange, extending a second annual advance, on speculation that supply will lag behind demand as the global economic recovery gathers pace.
Lead Futures on MCX rose by 1.08 percent to 117.10 as traders and investors build up fresh positions after price trade above strong support above 110 rupees per Kilogram.
Improved demand in physical market helped Lead prices to sustain upside. Metals climb to week high tracking buying sentiment in Silver prices which help base metals to maintain price at higher levels.
“Lead looks strong at this moment. Lead future is expected to trade in range of 115-123 with positive bias for coming weeks,” said Amrita Mashar, analyst with Commodity Online.
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