Lead's three-month price on the London Metal Exchange fell to its lowest level since 2016 at the close of trading on Wednesday May 5, with its price action largely subdued amid commodity trading advisor (CTA) selling and low liquidity conditions, while investors hold out for the US Federal Reserve's rate decision due later.
Reaching an intra-day low of $1,846.50 per tonne, three-month lead futures fell over 3.5% over the afternoon, prompting the zinc-lead price differential - or switch - to reach levels close to $1,000 per tonne, which is the widest price differential between the two metals in over a decade. Meanwhile, copper futures shed more than 3% in an afternoon sell-off, with its price action falling to an intraday low of $6,215 per tonne, the red metal's lowest level since February. "[It seems] there...