The three-month price of lead on the London Metal Exchange was lower at the close of trading on Wednesday October 30, falling by more than 2% against tight forward spreads, while aluminium futures closed at their highest level since September 24.
Lead's outright price closed at $2,208 per tonne on Wednesday afternoon, softening from an intraday high of $2,256.50 per tonne. A little more than 3,500 lots were exchanged by the close, and open interest climbed by some 4,199 positions overnight to 157,197 overall positions.The metal's outright price has remained above the $2,200 per tonne support level since October 22, yet market participants remain puzzled about why the metal's three-month price continues to spike higher."The LME lead price is so unpredictable," a Europe-based lead trader told Fastmarkets. "There is plenty of [lead] supply...