Base metals prices on the London Metal Exchange were predominantly lower at the close of trading on Monday November 5, topped by a continued downturn in lead's three-month price while aluminium was the only metal to trade in positive territory.
Despite reaching an intraday high of $2,002.50 per tonne, the three-month lead price closed nearer to its October low of $1,915 per tonne, with last week's rewarranting of more than 35,000 tonnes continuing to drive prices lower."Even though buying momentum has stalled this morning, [lead] remains well positioned to continue higher based on its improving technical configuration. That said, we remain mindful that the negative macroeconomic backdrop could keep the rebound momentum limited," Fastmarkets MB analyst Andy Farida said.Sister-metal zinc fell by more than 1% over the afternoon, despite a continued downdraw in...