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The three-month lead and zinc prices rallied an average of 1.4% on Friday and both are trading 1% higher this morning.
“The supply tightness in lead has not eased as yet. Although the short-term recovery of [LME] stocks put some pressure on lead prices, spot premiums still moved higher and now [Shanghai Futures Exchange] lead stocks have fallen quickly – the cycle continues,” Galaxy Futures noted.
Copper prices have also bounced back this morning trading $68 per tonne higher after sharp declines last week following large warehouse increases. LME stocks this morning, declining for the first time in a week.
“The corrections in the LME base metals appear to have run their course with the recent dips attracting buying… We have been on the lookout for base building and another buying opportunity, which may now be unfolding. We wait to see if follow-through buying emerges as the week progresses,” William Adams, Metal Bulletin’s senior analyst, said.
The dollar’s rebound has halted for now lending some slight support to the base metals, as it dips back below 92.00.
Nickel prices bounced back after dropping over 5% last week. However, the repercussions from further exports licenses being issued in Indonesia should continue to impact the market, ANZ Research noted.
Copper price recovers
Base metals prices
Currency moves and data releases