The three-month lead price closed $33 per tonne, or 1.5% higher, due to a last-minute rally at the close.
Lead stocks remain at increasingly low levels with just 48,675 tonnes on-warrant. Marex Spectron notes that lead remains the longest speculative short of the complex.
“LME lead’s fundamental backdrop is set to tighten going into the second half of 2018, which should help alleviate the selling pressure since the June 7 high,” Metal Bulletin analyst Andy Farida said.
“A potential supply constraint out of China due to trade disputes could see less refined metals produced in the coming weeks,” he added.
Elsewhere, the rest of the base metals were mainly under pressure...