The base metals are building on Monday’s rally with nickel hitting above $14,020 per tonne for the first time in March, while copper recovered back above $7,000 per tonne.
“The Chinese data released today was a beat and signalled a more robust demand picture than many had assumed. The FAI numbers in particular could encourage some renewed investment in the base,” Marex Spectron noted.
Lead’s three-month price continues to push higher and is trading at levels seen at the beginning of March following fresh cancellations at LME-listed warehouses.
Some 13,800 tonnes of lead was cancelled in Antwerp this morning, following an 8,000-tonne cancellation in the same location yesterday. This leaves just 27% of total lead inventories on-warrant in Antwerp, and almost wipes out the large deliveries...