Base metals prices on the London Metal Exchange were mostly higher during morning trading on Wednesday September 19, with lead bucking the trend amid heavy re-warranting.
The three-month lead price is trading $17 per tonne lower this morning following 18,850 tonnes of re-warranting across LME warehouses in Europe.More than 11,000 tonnes of lead were re-warranted in Vlissingen, with a further 7,000 tonnes re-warranted in Rotterdam and the rest re-warranted in Antwerp. On-warrant lead stocks are now up 39% this morning. But the rest of the complex continued to move higher as demand in the base metals sector improves amid short covering ahead of China's National Day holidays on October 1-7. "Whilst we are naturally cautious as to whether this price action represents a sea change...