The prices of base metals on the London Metal Exchange were mostly lower day-on-day at the close of trading on Monday October 15, with a softer US dollar having little effect on prices but trade tensions and weak stock markets keeping investors cautious.
The three-month lead price rose by 1.6% over the afternoon to reach an intraday high of $2,116 per tonne, its highest level since September 4.While broad stock outflows were fueling movement in the lead price, potential supply disruptions could add further upward momentum to the metal's three-month price."Chinese smelters have started to avoid purchases of US lead ores and concentrates, following trade-war threats of import tariffs," Fastmarkets analyst Andy Farida said in his Lead Today report."At 212,795 tonnes of concentrates, this made up around 16.5% of what China imports from the US, and further restrictions on supply will force domestic lead smelters to look for alternative sources," he added."The growing risk of supply...