The London Metal Exchange three-month lead price continued its uptrend at the close on Friday June 12, firmly above the $1,700-per-tonne support level, while easing buying momentum for LME copper led it below nearby resistance.
LME lead's outright price closed at $1,757 per tonne on Friday afternoon, climbing from an intraday low of $1,723.50 per tonne, while turnover was moderate over the day at just over 4,000 lots by the close. Despite LME lead's open interest remaining little changed at 127,523 total positions, LME data shows dominant holders of lead warrants have liquidated stock positions.LME lead's forward curve remains wide but the benchmark cash/three-month spread narrowed to $16.90-per-tonne contango from $19.45-per-tonne contango earlier in the day."The limited nature of the recent consolidation suggests...