LIVE FUTURES REPORT 07/06: Profit-taking sees LME lead price slip 3%; zinc dips below $2,500 per tonne

Lead’s three-month price on the London Metal Exchange was lower at the close of trading on Friday June 7, failing to sustain gains made earlier in the week but staying above its nearby $1,800 per tonne support level, while disappointing US job growth figures hung over the commodity markets.

The three-month lead price reaching an intraday low of $1,820 per tonne, down by more than 3% since Thursday’s high of $1,918.50 per tonne – its highest price since May 1. Volumes traded in lead were high over the day, with more than 5,200 lots exchanged by the close. Lead’s forward spreads eased over the day, but remained tight, with the metal’s cash/three-month spread recently in an $11 per tonne backwardation. Nearby spreads were even costlier, with lead cash-July recently trading in a $37 per tonne backwardation. Prompting the uptick in price, Nyrstar’s decision to announce force majeure at its Port Pirie...

Published

Hassan Butt

June 07, 2019

18:37 GMT

London