LIVE FUTURES REPORT 13/03: LME lead recovers 2% after Antwerp cancellation; base metals regain losses

Lead was the strongest performer on the London Metal Exchange on Tuesday March 13 – closing 2.2% higher.

8,000 tonnes of lead was freshly cancelled in Antwerp this morning giving fresh support to prices while stocks tighten once again. LME warrants are also tightly held with one entity holding 30-39% of warrant positions. “Lead is carrying out some much needed base-building after breaking below $2,400 per tonne. Evidence of dip-buying support below the support from the long-term UTL from early 2016 is encouraging, and for the moment we believe further significant weakness will be limited by structural tightness,” Metal Bulletin...


Alice Mason

March 13, 2018

17:35 GMT