The three-month price of lead on the London Metal Exchange was higher at the close of trading on Thursday May 14, with buying momentum pushing the metal's outright price above the $1,600 per tonne threshold, while the LME nickel price held above $12,000 per tonne despite a 1.4% downturn over the afternoon.
Lead's underlying price on the LME closed at $1,619 per tonne on Thursday afternoon, climbing from an intraday low of $1,592.50 per tonne, while turnover was moderate at some 3,000 lots exchanged by the close.Prompting a move higher in lead, LME on-warrant stocks were subject to a 14,025-tonne cancellation earlier this week, taking on-warrant material to its lowest level since April 14.Meanwhile, forward buying in LME lead continued to have support from the metal's wide forward curve, with lead's benchmark cash/three-month spread recently trading in a $19.25 per tonne contango."Several markets retreated on Wednesday, with investors...