LIVE FUTURES REPORT 03/01: LME lead price rises while other base metals falter in quiet conditions

Base metals prices on the London Metal Exchange were mostly lower at the close on Wednesday January 3, with lead the only metal to finish the day in positive territory.

“Lead put in a steady performance while the rest of the metals faltered, underpinned by a positive fundamental picture and tighter LME conditions,” Sucden Financial said. “With FOMC minutes from the December meeting due for release this evening, those investors who had returned from the New Year holidays were largely sitting on their hands.” The three-month lead price has had a strong start to the year - it rose 2% yesterday and held onto recent gains to close at $2,579 per tonne today. Lead’s cash/three-month LME spread remains in backwardation at $7.50 per tonne, while LME warrants are tightly held - one entity accounts for 50-79% of warrants. “The overall...

Published

Alice Mason

January 03, 2018

17:56 GMT

London