London Metal Exchange prices were mostly unchanged on the first trading day of this month, but maintained the bullish tone they struck at the end of May at the close on Tuesday June 1, given a release of positive economic data.
"A short-lived pullback seen in the base-metals complex suggests that underlying sentiment remains very bullish, with dip buyers welcoming lower prices with open arms," Fastmarkets analyst Andy Farida said."It appears that, after the mid-May consolidation period, the base metals are now ready to venture to another new annual high, and bulls have the technical setup to do so in June," he added.Lead's price was the outlier on a day when most metals were stable, showing a rise of 1.2% to $2,219.50 per tonne on Tuesday from Friday's $2,193.50 per tonne reading.The metal's...