Base metals on the London Metal Exchange were mostly lower during morning trading on Monday May 21, with the only gains made in lead and copper.
Climbing 1.3% to start the week, lead's three-month price remains well supported, reaching a high of $2,369 per tonne over the morning. Lead's cash/three-month spread is currently in a contango of $15.50 per tonne. The metal's price recorded marginal gains throughout May, rebounding from a monthly low of $2,241 per tonne on May 1 to a monthly high of $2,402 per tonne on May 14.Concerns of disruption to Iranian supply are at odds with lead's underlying demand from the automotive sector, with total Chinese auto sales rising 11.5% year on year in April. Moving on through the complex, nickel's three-month price fell 0.5% during morning trading, yet remains well supported after continued LME stock outflows led total on-warrant material to fall 0.8% in one week. Nickel's cash/three-month spread continues to trade in the widest contango across the complex at $62c per tonne.Elsewhere, aluminium's three-month price...