Base metals prices on the London Metal Exchange were mostly lower at the close of trading on Monday October 29, with strong consumer spending figures from the United States fueling broad strength in the US dollar index and adding downward pressure on prices.
In a report released by the US Commerce Department, consumer spending increased by 0.4% over October, however, this is the smallest gain in 15 months while savings figures fell to their lowest level since December 2017. Despite this, the US dollar continues to trade above 96 and remains at its highest level since July, continuing to deter commodity investment. Falling the furthest over the afternoon, the three-month lead price maintained its lowest level since hitting a fresh 2018 low of $1,876 per tonne on October 11, while the metal's total LME inventory also reached a fresh 2018 low of 111,500 tonnes this morning. "Despite its many bullish features that looked promisingly positive, the LME lead price has not convinced...