The London Metal Exchange three-month lead price increased during morning trading on Monday May 11, with a fresh cancellation of some 14,025 tonnes prompting a 1.5% price incline, while steady buying allowed copper futures also to improve.
LME lead's outright price was recently at $1,670 per tonne, climbing from an intra-morning low of $1,641 per tonne, while turnover was moderate with just over 1,000 lots exchanged as of 9:35am London time. Some 14,025 tonnes were booked out of LME-registered warehouses in Kaohsiung, which previously had some 21,275 tonnes of deliverable lead warrants, the most across the LME's warehouse network. On-warrant material in the region now stands at 7,250 tonnes, leaving the 11,300 tonnes of deliverable lead warrants in Rotterdam as the largest stockpile. LME data from May 7 also showed one dominant member with 50-79% of...