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

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December 2019 | Base Metals


Lead: 73% of May-October rally undone


Lead prices continued their retreat last week, falling to a low of $1,907.50 per tonne on Tuesday November 26. Prices have now fallen 15.8% from the October highs at $2,265 per tonne and have given back 73% of the May-October gains. Having broken support at $1,950 per tonne the next likely support area is around $1,860 per tonne. Given the funds are still net long, further long liquidation could push prices lower still

Lead prices maintain downward momentum for now... Lead prices continued their retreat last week, falling to a low of $1,907.50 per tonne on Tuesday November 26. Prices have now fallen 15.8% from the October highs at $2,265 per tonne and have given back 73% of the May-October gains. Having broken support at $1,950 per tonne the next likely support area is around $1,860 per tonne. Given the funds are still net long, further long liquidation could push prices lower still. ...despite market deficit The fact that lead prices continue to weaken...

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