LIVE FUTURES REPORT 21/10: LME lead price notches 15-month high; breaches $2,200/t

The three-month lead price on the London Metal Exchange was the standout performer on Monday October 21, closing at its highest level since July 2018 and breaching $2,200 per tonne despite moderate turnover.

Lead futures on the LME closed at $2,211 per tonne this afternoon, a climb of more than 1.5% against Friday’s close of $2,172 per tonne, while some 2,850 lots had been traded by the close, which is among the lowest across October. Despite the upward price action, however, forward spreads in lead remain unfavorable for spot business, with market participants having to factor in a benchmark cash/three-month spread backwardation, recently seen at $21.50 per tonne. “Despite the fact that...

Published

Hassan Butt

October 21, 2019

18:13 GMT

London