The three-month price of lead on the London Metal Exchange was the standout performer at the close of trading on Friday October 4, settling at its highest level in 13 months despite low turnover, while nickel continued to trend higher over the afternoon.
Lead futures closed at $2,160 per tonne on Friday, gaining by 1.6% over the afternoon while some 3,200 lots were exchanged by the close, lower than the September average of around 3,500-4,000 lots traded per day.Forward spreads in LME lead continued to trade in volatile swings between backwardation and contango, with the metal's benchmark cash/three-month spread recently trading in a $3.50 per tonne backwardation."Lead continues to force its own issues, ever threatening the upside break technically this week....