LIVE FUTURES REPORT 02/06: LME lead price outperforms in 2.5% incline; copper, tin breach resistance

The London Metal Exchange three-month lead price was the standout performer at the close on Tuesday June 2 on continued optimism over easing pandemic concerns, while continued unrest in the United States did little to cap upward price action across the complex.

LME lead’s outright price closed at $1,719.50 per tonne on Tuesday afternoon in a 2.5% rally that pushed the price to its highest settlement price since April 9, while turnover was moderate at just under 5,000 lots by the 5pm close.  LME lead’s forward curve remains wide, which is supporting buying momentum, with lead’s benchmark cash/three-month spread recently trading in a $20-per-tonne contango.  Total on-warrant LME lead stocks were little changed at 59,150 tonnes, but LME data now shows...

Published

Hassan Butt

June 02, 2020

18:00 GMT

London