Lead's three-month price on the London Metal Exchange was higher at the close of trading on Thursday July 11, climbing by around 2% through the day to approach the nearby resistance level at $2,000 per tonne, a threshold the metal has not surpassed since April this year.
Three-month lead futures closed at $1,972 per tonne in the afternoon, while total volumes traded were at their highest since October 2018, at just under 7,500 lots exchanged.Yet the price uptick came amid a fresh rewarranting of some 12,525 tonnes across LME-listed warehouses in Europe and Asia. This took the total deliverable LME lead stocks back above 50,000 tonnes for the first time since June 18.Despite increased availability of lead warrants, however, deliverable lead stocks on the LME reached a 2019 peak of 75,575 tonnes in March, when the price was comfortably above the $2,000 per...