August 2012 | Base Metals
Holding up well, but downside risks remain: Lead - Market Analysis
Having had two opportunities to move higher in recent weeks, but failing to build on either of them, suggests that overall sentiment is not bullish enough to support a price rally. Nevertheless, prices are holding up well and we would look for more sideways trading in the short term. However, with the multi-month downtrend still dominating the chart, further weakness cannot be ruled out, especially if broader sentiment takes another turn for the worse and if Chinese auto data continues to disappoint.
Lead stocks climb in Vlissingen
Lead stocks continue to trend lower, and given that the market appears to be largely balanced, this is not unsurprising. However, last week was notable in that 3,225 tonnes of lead landed in Vlissingen. Any lead going into that location is likely to get stuck there, as 839,725...
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