Base metals futures on the London Metal Exchange rebounded at the close of trading on Friday November 16, led by a strong performance in the three-month lead price while a marked downturn in the US dollar index prompted follow-up buying.
Trading for a time above $2,000 per tonne, the three-month lead price posted significant gains amid total LME lead stocks and remained at its lowest level since 2009, while strong demand from the lead-acid battery sector continues to support upward price action.Data from the International Lead & Zinc Study Group projects the lead market will record a 123,000-tonne deficit in 2018 and a further 17,000-tonne shortfall in 2019. "Despite the fact tight fundamentals continue to draw on low global stocks, broad risk-off sentiment and technical selling continue to dominate for the time being", said Fastmarkets MB analyst James Moore in his Lead Today...