Base metals on the London Metal Exchange were mostly higher at the close of trading on Thursday November 8, with both zinc and lead futures pushing higher on low LME inventories, while nickel failed to follow the uptrend.
Climbing 3.9% over the afternoon, the three-month lead price reached an intraday high of $2,008.50 per tonne, which is 5% higher than its weekly low of $1,905 per tonne on November 6.Facilitating upward momentum, total LME lead stocks are at their level lowest since 2009, while strong demand from the global battery sector continues to support upward price action.Similarly, zinc's three-month price appreciated 2.6% over afternoon trading, with decade-low LME inventory an equal factor behind the rising prices. "While the short-term view of the lead market stays firmly in bearish territory, we will stick with our contrarian view that there is a potential upside momentum if macro-economic backdrop starts to improve," Fastmarkets MB analyst Andy Farida said in his Lead Today report."The lead market remains weak, with limited upside momentum...