The three-month lead price reached an intraday high of $2,135.50 per tonne this afternoon, while volumes traded in the metal remain moderate at just under 3,500 lots as of 4:44pm London time.
“Lead has been teasing levels above $2,100 per tonne for some time and is testing the 200-day moving average at $2,127.50 per tonne,” Sucden Financial’s head of research Geordie Wilkes told Fastmarkets.
“China are on holiday at the moment, and I would suggest that the lower liquidity is acting as a caveat here. Demand for lead, fundamentally speaking, is questionable, with the automotive sector struggling,” Wilkes added.
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