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

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September 2019 | Base Metals

Lead: Moving into a bull market

Lead prices are up 19.6% from their May lows and although they still haven’t convincingly cleared stubborn resistance that has been capping the market around $2,100 per tonne for months, they have essentially complied s with technical analysts’ 20% criteria for a bull market, which in itself could attract more buying interest. The danger is that with exchange inventories so low, there is not much of a cushion should a more optimistic market feel the need to restock.

Prices push through $2,100 per tonne resistance once again... Amid some easing in US-China trade tensions, LME three-month lead prices held up well last week and have now gained 19.6% from the May lows of $1,773.50 per tonne to the latest highs of $2,121 per tonne last week. So lead all but complies with technical analysts’ 20% criteria for a bull market. ...but will they break higher this time? We should be careful though as lead has edged above the $2,100 per tonne level on four previous occasions since July, only to have been turned back by overhead resistance here, so will...


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