LIVE FUTURES REPORT 07/07: LME lead price finds support; copper flips to contango

The three-month price of lead on the London Metal Exchange was at the top of the list of gains at the close of trading on Tuesday July 7, with the price appreciating by 1.5% to push above nearby resistance levels, while a continued rise in LME copper futures took the red metal to a six-month high.

Lead’s outright price on the LME closed at $1,828.50 per tonne on Tuesday afternoon, climbing from an intraday low of $1,781.50 per tonne, while turnover was moderate at just over 3,600 lots exchanged. Meanwhile, forward-buying in LME lead continued to have supported from a wide front curve, with the metal’s benchmark cash/three-month spread recently trading in an $11.25 per tonne contango. Total LME lead stocks were now 61,800 tonnes and, with some 45,650 tonnes now on-warrant, more than 26% of LME stocks were now cancelled. LME data also...

Published

Hassan Butt

July 07, 2020

17:25 GMT

London