The three-month lead price on the London Metal Exchange was the underperformer at the close of trading on Wednesday May 13, slipping below nearby support levels against broad risk-off sentiment, while zinc futures similarly struggled over the afternoon.
Lead's underlying price on the LME closed at $1,599.50 per tonne on Wednesday afternoon, falling from an intraday high of $1,632 per tonne, while turnover was moderate at some 3,800 lots exchanged by the close.This marked lead's first dip below the $1,600-per-tonne threshold since January 2016.Yet lower prices for LME lead came against a similar downturn in exchange stocks, after some 14,025 tonnes were freshly canceled in LME-registered warehouses in Kaohsiung on Monday.Total on-warrant lead stocks were now...