New Delhi, July 31 Lead futures extended its upward march and gathered another 1.09 per cent on the Multi Commodity Exchange, taking cues from firming global markets raising hopes of an early global economic recovery. Short-covering by speculators and firm demand in the spot markets also influenced the prices in futures trade. Lead for delivery in August-month contract rose by 1.09 per cent to Rs 88.15 per kg, with a turnover of 1,930 lots. The metal for delivery in September contract edged up by 0.97 per cent at Rs 88.30 per kg, showing an open interest in 34 lots. Market analysts said gains in lead prices were attributed to rising trend in copper and other industrial metals overseas supported by brightening economic outlook. They said pick up in demand for the metal from consuming industries in spot markets also supported the rise in prices at the futures market.

Source