LIVE FUTURES REPORT 07/03: Dollar surge damps LME base metals prices; lead retains support

Base metals price on the London Metal Exchange were mostly lower at the close of trading on Thursday March 7, with price movements limited by a surge in the US dollar index above the psychologically significant level of 97, while both lead and tin futures retained support.

The three-month lead price closed once more above its nearby resistance level of $2,100 per tonne, and continued to exhibit an uptrend over the afternoon. It was bolstered by low LME stocks and strong demand from end-user sectors, such as the lead-acid battery industry. Additionally, open interest in LME lead ticked higher on a monthly basis, and was up by 7,770 positions compared with this time last month to 126,292 open positions. Total on-warrant LME lead stocks remained at their lowest level since 2009 at 44,675 tonnes. By contrast, despite a similarly low LME inventory, zinc’s three-month price fell throughout afternoon trading, paring back the gains made at Wednesday’s close. That said, zinc futures continued to be well supported above $2,700 per tonne and were up by more than...

Published

Hassan Butt

March 07, 2019

18:08 GMT

London