LIVE FUTURES REPORT 10/06: LME lead price soars 2.5% in volatile trading

The three-month price of lead on the London Metal Exchange had gone up by the close of trading on Monday June 10, reaching an intraday high of $1,890 per tonne, while the forward spread on the LME was in its widest backwardation since April 2017.

The price of lead continued to rise steadily toward the nearby resistance level of $1,900 per tonne. Despite breaking through that mark last week, it has not closed above that price since May 1. Volumes traded in the metal were moderately low, however, with a little more than 4,000 lots traded by the close. Yet open interest in lead has climbed incrementally, and was up by just under 12% since the start of the year, at a current level of 143,800 open positions. “Recent gains have been fueled by supply concerns after Nyrstar declared force majeure on lead supply contracts from its Port Pirie smelter in Australia,” Fastmarkets...


Hassan Butt

June 10, 2019

18:26 GMT