The three-month lead price on the London Metal Exchange was higher during morning trading on Thursday January 16, with price action breaking past the $2,000-per-tonne resistance level against strong volumes, while zinc futures followed higher.
Lead's outright price on the LME was recently at $2,026.50 per tonne, while morning trading volumes were high with over 2,100 lots exchanged as of 9:30am London time. Upward momentum in LME lead began at the start of the year, spurred by political tensions between the United States and Iran and fresh cancelations amounting to more than 8,000 tonnes since the start of January. In addition, open interest in lead has climbed from 131,636 positions to just below 140,000 positions, with dip-buying opportunities emerging against the metal's weak price, which fell below $1,900 per tonne on...