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November 2019 | Base Metals


Lead: Oversold after 13% correction


Lead prices fell each day last week, wiping over $100 per tonne off the price in the process. Monday this week was yet another down-day, with price now down 13.3% from the October 29 high of $2,265 per tonne. The imminent restart of the furnace at Port Pirie, combined with the forecast for a return to a supply surplus next year, are fuelling the bearishness. But selling has been overdone and prices are due a technical correction in the coming days and weeks.

Downside correction extended 13.3% as supply set to recover Lead prices fell each day last week and again on Monday this week, wiping around $200 off the price in a 13.3% sell-off from the October 29 high of $2,265 per tonne. But selling has been overdone and prices are due a technical correction in the coming days and weeks. The ramp-up at Port Pirie has turned sentiment negative Nyrstar is reportedly restarting the top submerged lance (TSL) furnace at Port Pirie after extensive disruptions at the site this year which produced 160,000 tonnes of lead last year. Since prices...

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