The three-month lead price on the London Metal Exchange was higher during morning trading on Friday January 31, climbing by more than 1% to show signs of improvement after slipping through key support levels over January, while zinc futures failed to push above nearby resistance.
Lead's outright price on the LME was recently seen at $1,845 per tonne, up from Thursday's closing price of $1,825 per tonne, with just 980 lots exchanged as of 9:40am London time. Global stock markets rallied over the morning period, with upward momentum emerging from Britain's expected exit from the European Union on January 31, albeit against continued risk-off sentiment over fears of the coronavirus' effects on China's economy. For lead however, concerns over the commodity's outright price being oversold began to emerge after the metal's three-month price settled at its lowest level since June 2019 on Thursday, while the metal's LME stock...