Lead's three-month price on the London Metal Exchange surged to its highest level since August 2018 during afternoon trading on Monday February 4, breaching the nearby $2,100 per tonne support level while nickel and zinc futures similarly gathered momentum.
The three-month lead price reached an intraday high of $2,135.50 per tonne this afternoon, while volumes traded in the metal remain moderate at just under 3,500 lots as of 4:44pm London time. "Lead has been teasing levels above $2,100 per tonne for some time and is testing the 200-day moving average at $2,127.50 per tonne," Sucden Financial's head of research Geordie Wilkes told Fastmarkets. "China are on holiday at the moment, and I would suggest that the lower liquidity is acting as a caveat here. Demand for lead, fundamentally speaking, is questionable, with the automotive sector struggling," Wilkes added. Nickel continues uptrend In a continued uptrend, the three-month nickel price is now trading above...