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

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March 2019 | Base Metals


Lead: Looking the weakest of the LME metals


After reaching a seven month high at $2,179.50 per tonne on February 28, lead prices now around $2,030 per tonne look set to test technical support from the mid-February low at $2,011 per tonne. The main change last week was the re-warranting of cancelled warrants, which sent the signal to the market that LME lead stocks are not about to accelerate lower anytime soon.

Re-warranting of cancelled warrants pulls the rug from under lead prices When 31,300 tonnes of warrants were cancelled in late-February, it sent a signal to the market that lead stocks on the LME were likely to fall to even more-critically low levels. After those warrant cancelations, available stocks on the LME dropped to a low of 44,150 tonnes. But LME data out in the first three days of last week showed 30,125 tonnes of cancelled warrants were re-warranted, which lifted available stocks to 75,750 tonnes, as of Friday March 15. Prices have duly eased to around $2,030 per tonne,...

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