LIVE FUTURES REPORT 23/05: LME lead maintains upward momentum; copper, nickel prices fall

Lead prices on the London Metal Exchange held firm at the close of trading on Wednesday May 23, while copper’s three-month price fell 1.6% amid a fresh 2018-high for the US dollar index.

Keeping firm above $2,450 per tonne, lead’s three-month price has rallied more than 5% this week, reaching prices unseen since March 1.  “Concerns over potential shortages continue to draw lead to its highest in two and a half months as investors sold zinc and bought lead. Market tightness has arisen from closures following environmental inspections at secondary lead smelters across China while the Asian nation advances its fight against pollution,” John Meyer, analyst at SP Angel, said.  Copper’s three-month price reached a low of $6,805 per tonne during the afternoon session, recording an intraday price move of $164.50 per tonne and consolidating back near...

Published

Hassan Butt

May 23, 2018

17:55 GMT

London