Lead prices on the London Metal Exchange recorded the biggest drop during morning trading on Wednesday February 28 following a large stock delivery into LME warehouses.
Some 12,375 tonnes were delivered into LME-listed warehouses in Antwerp - taking on-warrant stock levels to 20,250 tonnes. This is the largest lead inflow into Antwerp since 19,900 tonnes were delivered on July 14, 2014. "The delivery in has chipped away at the backwardation [now just $0.25 per tonne from $6 backwardation yesterday] and put the price under the most pressure out of all the base metals this morning," a trader said. Most of the complex dipped lower on Wednesday morning due to the strengthening dollar and weak Chinese macroeconomic data. Nickel's three-month price dropped $10 per tonne while zinc dipped $6 per tonne with any potential...