February 2019 | Base Metals
Lead: Base in place, higher prices coming
Three-month LME lead prices have reached a high of $2,135.50 per tonne, up 13.8% since the October low at $1,876 per tonne. The recent performance now suggests a large base is in place, and this is expected to support higher prices, which in turn would then reflect the tighter fundamentals more accurately.
Prices extend gains to levels not seen since August 2018 Three-month LME lead prices have now reached a high of $2,135.50 per tonne, up 13.8% since the October low at $1,876 per tonne. A large base is in place and this is expected to support higher prices, which in turn would then reflect the tighter fundamentals more accurately. Exchange stocks insufficient to cover 1% of annual demand... So far this year, LME lead stocks have fallen 35,625 tonnes to 71,750 tonnes, a drop of 33% from 107,375 tonnes at end-2018. Available warrants stand at 64,875...
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