Closing prices for base metals on the London Metal Exchange were mixed on Tuesday November 13, with lead the biggest positive move of the day while zinc failed to close above its nearby support level amid record-low LME inventories for both metals.
The three-month lead price climbed over 1% today, recovering losses made at Monday's close and pushing above $1,950 per tonne to $1,952 per tonne at 5pm. Despite remaining 3% short of the monthly high of $2,008.50 per tonne reached on November 8, lead's price action has been largely positive on the day, with the metal's nine-year low in LME inventory supporting the upward move. Meanwhile, zinc's three-month price failed to close above the $2,500 per tonne threshold despite LME stocks sitting at a decade low, trading close to $2,550 per tonne for a time before closing short of the mark at $2,489 per tonne. "We think the unease circulating within a...