LIVE FUTURES REPORT 30/10: LME lead price sinks 2.4% but holds above $2,200; aluminium edges higher

The three-month price of lead on the London Metal Exchange was lower at the close of trading on Wednesday October 30, falling by more than 2% against tight forward spreads, while aluminium futures closed at their highest level since September 24.

Lead’s outright price closed at $2,208 per tonne on Wednesday afternoon, softening from an intraday high of $2,256.50 per tonne. A little more than 3,500 lots were exchanged by the close, and open interest climbed by some 4,199 positions overnight to 157,197 overall positions.
The metal’s outright price has remained above the $2,200 per tonne support level since October 22, yet market participants remain puzzled about why the metal’s three-month price continues to spike higher.

“The LME lead price is so unpredictable,”...


Hassan Butt

October 30, 2019

18:10 GMT