LIVE FUTURES REPORT 25/06: LME lead price tops morning gains on fresh outflows

The three-month lead price on the London Metal Exchange was the standout performer during morning trading on Thursday June 25, supported by a continued trend of stock withdrawals, while a steady incline in LME tin stocks softened the metal’s wide backwardation.

Lead’s outright price on the LME was recently at $1,778.50 per tonne, climbing by just under 1% from Wednesday’s closing price of $1,762 per tonne, while turnover was thin at just under 700 lots exchanged by 10am London time. Prompting the higher lead price was a fresh outflow of 1,175 tonnes, with the bulk of removals coming out of Rotterdam warehouses. Total LME on-warrant lead stocks have fallen to 45,625 tonnes so far this month from 59,150 tonnes. But many market participants said persistent lead withdrawals are not destined for genuine consumption,...

Published

Hassan Butt

June 25, 2020

10:47 GMT

London