LIVE FUTURES REPORT 06/11: LME lead price shows biggest loss in 1.7% downturn; tin up 0.5%

The three-month lead price on the London Metal Exchange was lower at the close of trading on Wednesday November 6, settling at its lowest level since early October, while tin’s outright price was the only positive move over the day’s trading.

Lead’s futures price on the LME closed at $2,115 per tonne in the afternoon, its lowest closing price since October 1, while turnover was moderate at just under 4,000 lots exchanged by the close. Forward spreads in the metal loosened over the afternoon, with lead’s benchmark cash/three-month spread recently trading in a $1.75 per tonne backwardation, from a backwardation of $20 per tonne on October 30. Despite volatile price action over October, lead’s exchange stock levels have remained broadly steady at around 60,000-70,000 tonnes, and...

Published

Hassan Butt

November 06, 2019

19:22 GMT

London