“LME lead has rebounded well… So far, sellers have failed to take its below $2,500 per tonne; buyers now have the chance to push it higher,” Metal Bulletin analyst Andy Farida said.
“Since the base metals are broadly making gains, bullish sentiment should support lead’s attempt to trade above $2,600 per tonne, we feel,” he added.
The metal remains well supported by tight stocks and continued tightness in concentrates. The cash/three-month spread swung into $7 per tonne backwardation from a contango on Friday.
The majority of the complex followed the upward trend but were off from their earlier highs at the close.