LIVE FUTURES REPORT 01/02: LME lead price hits highest since July 2011; nickel closes above $14,000/t

Lead prices on the London Metal Exchange were 1.7% higher at the close on Thursday February 1, with the metal continuing its fine performance since the turn of 2018.

The three-month lead price hit a high of $2,668 per tonne earlier today, the highest since July 29, 2011, and closed just $3 shy of this high level. “The fundamental outlook for lead is strong with low exchange stocks while consumption is constant. The near-term tightness is reflected in the forward curve with backwardation out to 2020,” Sucden Financial noted in their quarterly metals report. “The cold winter, we believe has likely supported replacement battery demand. Lead momentum is on the front foot, supported by the weaker dollar, and prices could advance towards $2,700 per tonne,” it added. LME stocks continue to dip, now down 6.3% so far in 2018, with warrants...


Alice Mason

February 01, 2018

17:42 GMT