The three-month price for lead on the London Metal Exchange was higher at the close of trading on Thursday February 13, nearing the $1,900 per tonne resistance level on a 1.7% uptick, while a positive close for LME copper saw it also approach nearby resistance.
Lead's underlying price on the LME closed at $1,892 per tonne, climbing from an intraday low of $1,844.50 per tonne, while turnover was moderate with some 3,700 lots exchanged by the close.The price of lead began the year firmly above $1,900 per tonne, yet broad-based volatility has seen its outright price exhibit a wide range, slipping to a 2020 low of $1,790 per tonne on February 10.Despite strong buying, both LME stocks and forward spreads continued to negate spot business, with lead's benchmark cash/three-month spread recently trading in a $12 per tonne backwardation. It is now the...