Into bear market territory Lead prices dropped to a low of $2,095 per tonne last week, extending the fall from the June high of $2,555.50 per tonne. Prices are now down 18% from the June high and 22% from the February high of $2,685 per tonne – a correction of over 20% is considered to indicate a bear market. On the chart, the next level where we would expect strong support is around $2,045 per tonne – the lows from May last year. Data shows shift into a supply surplus in May The latest ILZSG data shows that although the market was in a supply deficit of 43,000 tonnes in the first five...
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