In August, nearly all base metals recorded significant rises in prices which continued through September and October where the majority of metals hit their peak. Tin was the only base metal to buck the upward trend in 2017.
So far, lead has been the best performer in the complex – currently trading 26.7% higher than at the start of the year as of the October 11 close price. It hit a peak of $2,620.50 per tonne on October 4, rising from $1,986 in January.
Lead prices were mostly buoyed by supply tightness and followed the three-month zinc price as it climbed to a ten year high – with the spreads also hitting the highest backwardation in a decade.
Zinc has also had a...