Lead futures might decline – The HinduBusinessLine

Lead futures has seen so much volatility since the beginning of the year. On January 29, it hit a record high of ₹207.40 (per kg) but has now fallen to ₹191.

The chart shows that the price level of ₹195 has been acting as a barrier since September 2021, showing that it is a strong one. Even recently, lead futures attempted to breach it twice, but the price fell back quickly.

So, now trading at ₹191, the contract is near the resistance at ₹195. From the current level, we expect lead futures to see a downswing in price. The nearest notable support is at ₹184 followed by ₹180.

On the other hand, if lead futures surpasses ₹195 again, whether the rally can sustain depends on whether it can see a daily close above ₹195. Such a move can strengthen the bulls, possibly taking the contract higher to ₹220.

Nevertheless, broadly, lead futures is trading near a hurdle and the risk-reward ratio favours short position.

Trade strategy

Short lead futures (January) at ₹191. Target and stop-loss can be ₹185 and ₹198 respectively.

Published on February 2, 2026