LIVE FUTURES REPORT 11/08: Positive US PPI data boosts LME base metals; lead up 3%

The three-month price of lead on the London Metal Exchange was the standout performer at the close of trading on Tuesday August 11, climbing by 3% and breaking past nearby resistance, while a continued uptick in producer inflation from the US further supported buying momentum in the afternoon.

Lead’s outright price on the LME closed at $1,960.50 per tonne on Tuesday afternoon, recovering from an intraday low of $1,892.50 per tonne, while turnover was moderate at just over 5,300 lots exchanged by the close. China’s automotive sales continue to climb incrementally, prompting an uptick in LME lead futures. The country reported a 16% surge in vehicle sales over July, while analysts continued to indicate that the sector remained on-track for a V-shaped recovery. Additionally, forward-buying in...

Published

Hassan Butt

August 11, 2020

17:43 GMT

London