LIVE FUTURES REPORT 15/01: Strong buying sees LME lead price soar 2.5%; nickel back above $14,000

The three-month price of lead on the London Metal Exchange was higher at the close of trading on Wednesday January 15, climbing by more than 2.5% to close at its highest level since November 2019 amid high turnover, while a similar upswing in nickel futures saw the price breach nearby resistance.

Lead’s outright price on the LME closed at $1,999 per tonne on Wednesday afternoon, its highest settlement price since November 15, while daily trading volumes in the metal were at their highest since July 11 with more than 6,400 lots exchanged by the close. The uptick was prompted bya fresh cancellation of 5,000 tonnes booked out of LME-registered warehouses in Rotterdam, with total fresh cancellations in January amounting to 8,250 tonnes. As a result, LME on-warrant lead stocks were now 53,600 tonnes, their lowest since late July last year. Forward spreads in lead continue to trade in contango, supporting buying momentum, with...

Published

Hassan Butt

January 15, 2020

18:00 GMT

London