Rallying more than 2% during afternoon trading, lead’s three-month price broke its nearby resistance level at $2,500 per tonne.
“We expect the LME lead price to continue consolidating within an uptrend channel, but there is no ruling out a retest near the $2,400-per-tonne level,” Andy Farida, analyst at Metal Bulletin, said.
“Given its encouraging fundamental backdrop and the solid trend reversal higher since the low in May, the LME lead market remains in a favorable position to consolidate, regroup and attempt higher prices,” he added.
The three-month copper price climbed 1.1% to close just short of $7,000 per tonne, its highest closing price since April 25.
The red metal reached a high of $6,992 per tonne...