MCX Lead may note some decline tracking copper prices. Also weighing on prices is recent jump in stocks at LME and higher surplus in physical markets. Stocks at LME fell by 400 tons yesterday after gaining 7,300 tons last week while cancelled warrants stood at 11.7%.
The downside may be capped amid higher replacement demand for lead based batteries as Europe witnesses` cold snap. Support for MCX Lead February contract is seen at Rs. 99.5 while resistance is seen at Rs.103.
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