June 2009 | Base Metals
Fundamentally well positioned: Lead - Market Analysis
Supply cuts, an expected seasonal uplift in demand, and the low overall level of stocks should be supportive to lead prices.
LME lead stocks have now climbed for 10 consecutive weeks. Last week’s increase was 3,859 tonnes, or 4.7%, which took the total to 86,175 tonnes. Further inflows were reported yesterday, so the uptrend looks likely to extend into its 11th week. However, the total still represents less than one week of global consumption, and with supply shutdowns in the west and seasonal demand increases expected, its is a very small cushion for the market and the rise has yet...
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