LIVE FUTURES REPORT 02/11: LME lead price lags on dollar strength; aluminium spread tightens

The three-month lead price on the London Metal Exchange was the laggard during morning trading on Monday November 2, largely due to continued strength in the dollar index, while uncertainty over the result of the upcoming US presidential election caused metals prices to consolidate against moderate turnover.

The LME lead price was recently trading at $1,789 per tonne, down by 1.2% from Friday’s closing price of $1,820 per tonne, while turnover was slim at just under 1,400 lots exchanged as of 10:20am London time.

The price fell despite a fresh outflow of 1,400 tonnes predominantly out of LME-registered warehouses in Hamburg, while a fresh cancellation of 18,525 tonnes last week was also not enough to keep the metal’s underlying price above the nearby $1,800-per-tonne support level.

LME lead’s forward curve has tightened to start the week, with the metal’s benchmark cash/three-month spread recently trading...

Published

Hassan Butt

November 02, 2020

11:09 GMT

London