Lead's three-month price on the London Metal Exchange was up by around 1% during morning trading on Monday June 10, leading a broadly mixed base metals complex amid continued concerns over global economic health.
Reaching an intraday high of $1,866 per tonne over the morning, the three-month lead futures have shown little sign of dropping below the $1,800-per-tonne support level, despite trading below the mark earlier this month. Yet after breaching the nearby $1,900-per-tonne resistance level for a short time last week, profit-taking sent lead futures lower, while the metal's cash/three-month spread continues to trade in a backwardation, recently at $11 per tonne. Declining global auto-demand remains a key factor for lead's price hike in recent weeks, with...