Battery material Lead for delivery in May 2012 dropped by 0.8% or Rs 0.95 at Rs 111.5 per kg on Tuesday, 8th May and tested an intraday high at Rs 112.3 per kg and low at Rs 110.65 per kg. Lead was falling down from last 6-consecutive days breaching last month uptrend. The political chaos in the Greece eclipsed the resumption of lead acid batteries production in China and led the metal to slump down. Lead was near to its 2-week's low with 17% dip in its open interest to 23997 lots. The contract was traded below 9-day EMA and RSI stood at 51.9. Depreciation in Rupee curbed huge losses in the metal.
At LME, Lead shed by 0.3% at $2084 per tonne on Tuesday as the fundamental support with sequential fall in LME inventories and improvement in Chinese demand pared huge losses in the metal.
Lead is likely to find the support at Rs 111 per kg and Rs 110.5 per kg and resistance at Rs 112.3 per kg and Rs 113.2 per kg on Wednesday, 9th May.
Powered by Commodity Insights