At the close on Thursday February 22, the three-month zinc price closed $960.50 per tonne higher than lead.
But when the spread - or switch – last moved to over $900 in early 2007, lead staged an incredible fightback and ended up overtaking its sister metal.
By the end of 2007, the three-month lead price was $100 per tonne higher than zinc – and history could be set to repeat itself with underlying fundamentals showing a good indication that lead prices can recover.
(FastMarkets/Metal Bulletin data)
“Historically, lead always catches up with zinc eventually. It has been lagging behind but lead can be a slow burner which...