Prices dragged down again, but still relatively resilient Lead prices dropped to a low of $2,307 per tonne last week, extending the fall from $2,385 per tonne the week before. Since the June high, prices have now fallen 9.7 percent, while the other metals, with the exception of tin, have fallen between 12% and 17.2%. While the lead market continues to tighten in China, it has now started to show some signs of tightening in the world ex-China, which suggests the open arbitrage trading opportunity is seeing more lead units exported to China. In turn, this is likely to see LME lead prices rebound. In China, stocks fall and backwardation expands On Friday July 6, the SHFE lead backwardation between July 2018 and June...
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