Lead's three-month price on the London Metal Exchange climbed over 1% during morning trading on Thursday February 28, with a continued draw on European supply prompting upward price action, while trade optimism supports buying despite disappointing Chinese PMI data.
This week, more than 31,000 tonnes of lead has been booked for removal out of mostly LME-listed warehouses in Europe, while the metal's three-month price has climbed by more than 4.5% and is trading comfortably above $2,100 per tonne. The continued theme of low stocks persists across the complex amid the fresh cancelations, with LME copper, zinc, lead and tin stocks at their lowest level in more than 10 years. Volumes traded over the morning remain moderate, with copper's 4,500 lots leading the complex as of 10:10am London time, amid cautious investment in Asian markets with the latest Chinese PMI figures contracting. Both copper and nickel futures remain well supported this week and are trading comfortably near their respective support levels of $6,450 per tonne and $13,000 per tonne. According to LME data, there remains dominant warrant holding positions in both metals - with three positions holding 30-39%, 40-49%...