The London Metal Exchange three-month lead price slipped below an important resistance level in unexceptional trading conditions in the morning of Friday November 8.
The three-month lead price recently traded at $2,099 per tonne, with some 1,000 lots exchanged as of 9:20am London time. The price fell from an intra-morning high of $2,114.50 per tonne and traded as lows as $2,084 per tonne - its cheapest since October 2. Forward spreads in lead continue to indicate tightness, with the cash/three-month spread recently in a backwardation of $1 per tonne. "The buying yesterday was certainly more of the speculative nature as the trade...