Bucking the trend however, the three-month lead price pushed higher over the morning, breaching $2,100 per tonne after falling below the mark at Wednesday’s close.
A decade-low in LME stocks, which remains indicative of tight lead supply, prompted upward price action, while Chinese lead mine production – China is the world’s largest lead producer – remains on a downtrend amid ongoing environmental inspections.
Elsewhere, while both copper and nickel futures remain well supported, both metals’ price action have failed to break upside pressure and continue to consolidate above $6,400 per tonne and $13,400 per tonne respectively.
Total available LME copper stocks remain near record lows with just over 32,000 tonnes on-warrant, while open interest in the metal has fallen by 3,254 positions overnight to 402,293 open positions, the lowest since February 25.
In addition, the metal’s cash/three-month spread has eased amid...