In afternoon trading, the three-month price of lead fell by more than 3% to reach an intraday low of $1,942 per tonne. It had spent most of December 2018 trading close to the support level of $2,000 per tonne.
Similarly, zinc futures went down by around 2.5% during the afternoon, but closed above $2,400 per tonne after falling to their lowest level since September 2018 in the morning session.
Record-low stocks of LME inventory continue to drive bouts of positive price action, but despite decade-low stock levels in on-warrant copper, zinc and lead, all three metals were subject to downward price pressure.
Meanwhile, copper’s 2% drop over the afternoon similarly resulted in the metal’s three-month...