Lead was the lone top performer among its peers at the LME platform up by 0.6% to close at $2167/MT mark.
Broadly the lead inventories have been declining since last three months and the cancelled warrants for the commodity also suddenly surged over 35% from 29150 MT to 45,375 MT since last week indicating immediate requirement for the commodity in the short term.
We hold a ranged outlook on the commodity at the MCX platform. However, we have a positive view on the commodity for the week, where we expect a slight pickup in demand from the US due to the abnormally low temperatures, which require frequent replacement of the lead acid batteries in automobiles.