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

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January 2020 | Base Metals


Lead: Calm before the storm


Lead prices are still rangebound in the $1,900-1,950 per tonne area, continuing to build a potentially significant technical base that could become the springboard for a rally in the coming weeks. As well as prices, however, activity on stocks, spreads and premiums is also quiet, supporting the view that the market is more balanced now.

Prices trade sideways in quiet conditions Lead prices are still rangebound in the $1,900-1,950 per tonne area. Technically, this activity could be interpreted as forming a continuation pattern that might open the door to another selloff. However, our favoured interpretation at the moment is that prices are instead build a potentially bullish technical base that could become the springboard for a rally in the coming weeks, mirroring the rally off the similar base pattern in May 2019. As well as prices, activity on stocks, spreads and premiums is also quiet, supporting the view that the lead market is more balanced overall...

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