The three-month lead price on the London Metal Exchange continued to climb into the closing session on Monday May 11, climbing by more than 1.6% to its highest level in three weeks, while steady buying in zinc futures kept the galvanizing metal's forward price above nearby support levels.
The lead price closed at $1,671.50 per tonne on Monday afternoon, its highest closing price since April 20, while turnover was moderate at some 3,400 lots exchanged by the close. This morning's fresh cancellation of 14,025 tonnes out of LME-registered warehouses in Kaohsiung remains the key catalyst in the metal's price action. Yet LME data continues to show two dominant holders of 40-49% of warrant holdings, and 30-39% of cash positions. Total LME on-warrant lead stocks now stand at 56,900 tonnes, the lowest since April...