Base metals on the London Metal Exchange ticked higher across the board during morning trading on Thursday July 5, with lead prices climbing by 1.7% after a fresh 15,000 tonne cancelation in Antwerp.
Broad upticks in metal prices come after positive PMI results in China and the United Kingdom (details below) indicate positive business conditions, while a slight retreat in the dollar index has given base metals some respite. Lead's price stability over the last month has been incongruous with the broad decline in the rest of the complex after continued trade tensions and dollar strength unsettled commodities prices throughout June. Prices staged a modest recovery after sharp price drops in some metals at the 5pm close on Wednesday. Lead's three-month price edged 2.2% lower at the close of trading on Wednesday, following a sharp drop in zinc prices which dipped 3.2% at the same time to reach their lowest in over a year. "Market participants are nervous because the first round...