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

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August 2019 | Base Metals


Lead: On the rise again


Having corrected lower in response to the 31,925-tonne stock increase between July 26 and August 1, the underlying bullish tone in lead resumed last week, with prices so far reaching a high of $2,101.50 per tonne. This is just shy of the $2,117 peak seen on July 25. The latest run-up seems in reaction to another production halt at Nyrstar’s Port Pirie smelter in Australia

Bull market in sight after another outage at Port Pirie At their recent highs, lead prices had rallied 19.4% from the May lows. A 20% rally is generally thought of as indicating a bull market is underway, so we wait to see if lead can move above the $2,129 per tonne level to show a 20% rise. News of another production halt at Port Pirie this week has prompted fresh buying – the earlier halt, between June and July, led to the loss of 30,000 tonnes of lead production. The production problem is at Port Pirie’s new TSL furnace that feeds...

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