Lead's three-month price set a new year-to-date peak of $2,427 per tonne on the afternoon of Wednesday October 20, together with nickel, which rose by almost 6% to more than $21,000 per tonne, with sentiment on the London Metal Exchange still bullish.
Lead's three-month price closed at $2,417 per tonne on Wednesday, a 1.7% increase from its Tuesday closing price of $2,376 per tonne.
"We envisage any pullback in the LME lead price to be healthy technical consolidation, and dips are likely to attract fresh buyers. LME lead has its own price-supportive dynamics at work and we believe that bulls can do more," Fastmarkets analyst Andy Farida said on Wednesday.
According to the...