LIVE FUTURES REPORT 23/08: LME lead price climbs 2% in mixed close; nickel falls amid US-Sino tariffs

Lead prices on the London Metal Exchange were up over 2% at the close of trading on Thursday August 23, while nickel, copper and tin prices struggled to maintain the midweek relief rally amid a resurgence of US-Sino trade tensions.

Closing firmly above $2,000 per tonne, lead’s three-month price topped gains over the afternoon and is showing greater stability after dipping to a low of $1,917 per tonne on August 15, its lowest price since January 2017.  “Despite the combination of low stocks and tight fundamentals, market sentiment will remain overshadowed by broader macroeconomic drivers. Meanwhile, the current chart picture suggests downside risks remain in the very short-term, with prices vulnerable to another test lower unless they can vault resistance around $2,030 per tonne,” Metal Bulletin analyst James Moore said in his Lead Today report.  “That said, with seasonal demand from the battery...


Hassan Butt

August 23, 2018

17:55 GMT