January 2012 | Base Metals
Is there the appetite for follow-through buying now the short covering has been done?: Lead - Market Analysis
Prices extended their gains, but are now consolidating. It seems as though the market in general got a bit too bearish in the second half of 2011 and that once prices had built a base at the lows, there was some room to adjust on the upside as stale shorts were covered. The question now is whether there is the appetite for follow-through buying.
Two-way stock flows on LME
Lead stocks saw two-way flow last week with 3,325 tonnes landing and 4,250 tonnes leaving warehouses, although adding to the slightly bullish undertone was the net 675 tonne increase in cancelled warrants, which rose to 46,925 tonnes. Most of the cancellations were made in Europe on Thursday with 2,025 tonnes cancelled in Bilbao, 650...
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