Lead and tin were the only base metals on the London Metal Exchange to close the week in positive territory, while the rest of the complex came under pressure from a strengthening dollar.
The three-month lead price continued to trade around a fresh six and a half year high and was at $2,680 per tonne at the 5pm close. "Data on the ground also supports the bullish LME lead market, which was often underestimated and overlooked by sister-metal zinc. The latest International Lead and Zinc Study Group (ILZSG) data reports that the global refined lead market remained in a deficit of 169,000 tonnes in the first 11 months of 2017," Andy Farida, Metal Bulletin analyst said."The current deficit has outpaced the 125,000 tonnes forecast from the Portugese trade group, further indicating that the market is far more bullish than many thought. Growing shortfalls should help underpin the global refined lead market and again suggest the tightening complex...