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Forecasts and market analysis based on price assessments from Fastmarkets MB and Fastmarkets AMM

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September 2018 | Base Metals


Lead: Not bearish, but forecasts cut


Lead’s rally ran out of steam last week. At $2,050 per tonne, LME three-month prices are 6.9 percent above the August lows, but 23.6 percent down from the February high. At these low price levels lead seems more buoyant than most of the other base metals, thanks to its tight fundamentals. Although we have revised down our price forecasts this week, we are not bearish per se, but the sell-off has lowered the price base.

Lead prices subdued as markets await trade developments Lead’s price rally ran out of steam last week and prices ended up consolidating the gains seen between August 15 and September 3. At $2,050 per tonne LME three-month prices are 6.9 percent above the August lows and 23.6 percent down from the February high. At these low price levels lead seems more buoyant than most of the other base metals. But lead has still stayed down longer than we expected and we think that is due to the fact that market sentiment remains weighed down by continuing uncertainty over US...

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