Climbing 5.5% over the afternoon, lead’s three-month price found support back above $2,000 per tonne after falling to its lowest point since September 2016.
“Lead prices have turned higher after Wednesday’s sharp sell-off, which suggests the market views current levels as a buying opportunity,” Metal Bulletin analyst James Moore said in his Lead Today report.
Base metals prices plummeted at the close of trading on August 15, with increased risk-off sentiment emerging amid volatile currency flows, particularly with regards to Turkey’s lira.
While the US dollar remains strong, pressuring base metals, some market analysts considered the severe fall exaggerated.
By comparison, zinc’s three month price climbed 3.8% after falling 6% yesterday and closing at its lowest point since October 2016.
Similarly, nickel prices recovered 3.5%...