LIVE FUTURES REPORT 03/09: LME lead price sinks below $2,000 in 1.6% slide; nickel closes below $18,000

The three-month lead price on the London Metal Exchange showed the greatest losses at the close of trading on Tuesday September 3, falling by some 1.6% to close at its lowest level since August 6.

Meanwhile, a steady downturn in nickel’s outright price saw it close below $18,000 per tonne. Lead futures began their decent during late in the morning, dipping below the support level at $2,000 per tonne to reach an intraday low of $1,986 per tonne, closing the day $3.50 per tonne higher. A consistent three-month lead price above the $2,000 per tonne threshold during August prompted the downturn and led to the proliferation of secondary lead and scrap consumption, while a continuing decline in automotive sales, particularly in Germany and China, reduced demand...


Hassan Butt

September 03, 2019

18:05 GMT