Lead softened by 0.24 per cent to Rs 123.75 per kg in futures trade today as speculators reduced their positions amid subdued demand at spot markets.
However, strength in copper and other base metals at the London Metal Exchange before US Federal Reserve policy makers decide whether to continue with monetary stimulus, limited the losses.
At the Multi Commodity exchange, lead for delivery in December shed 70 paise, or or 0.24 per cent, to Rs 123.75 per kg in business turnover of 1,332 lots.
The metal for delivery in the January contract also fell by 25 paise, or 0.20 per cent to Rs 124.10 per kg in a business volume of 114 lots.
Market analysts attributed the decline in lead futures to a weak trend in spot markets due to sluggish demand but firming trend in base metals overseas, restricted fall.