July 2012 | Base Metals
Oversold position getting unwound: Lead - Market Analysis
This market had become oversold, as evidenced by the re-emergence of a discount to zinc, and the scale of Friday’s rebound. However, there is little fundamental news to support the higher prices.
All quiet in the physical market
Prices generally seem to be reacting to macro events, as there has been little lead-specific news and little action on LME lead stocks recently. Last week stocks dropped 1,425 tonnes and cancelled warrants fell 2,450 tonnes, with no major warrant cancellations seen. The spreads have also been quiet....
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