Lead advances in LME trade
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Lead rose the most in more than a week in London after the amount of stockpiled metal earmarked to leave warehouses jumped to a 22-month high, indicating a possible supply shortfall. Aluminium and copper also advanced.
So-called cancelled lead warrants gained 2.7 per cent to 10,525 tonnes at warehouses registered with the London Metal Exchange, the highest since Sept. 28, 2006. The market is shifting from a surplus into a deficit of 67,000 tonnes this quarter, according to Barclays Capital. That's equal to about 72 per cent of existing LME-tracked stockpiles.
Lead for delivery in three months added $75, or 3.7 per cent, to $2,090 a tonne as of 12:39 p.m. in London. The contract rose 1 per cent on Tuesday, while the LME index tracking all industrial metals gained less than 0.1 per cent.
Open interest
Open interest, or outstanding contracts, in lead futures has jumped 29 per cent since the end of June, to 95,683 contracts, the highest since records began in 2005.
Copper rose $55, or 0.7 per cent, to $7,680 a tonne. LME stockpiles gained 1.1 per cent to 150,325 tonnes.
Nickel lost $100 to $17,500 a tonne. Aluminium rose $23, or 0.8 per cent, to $2,923 a tonne.
Among other LME-traded metals, tin increased $325 to $20,425 a tonne. Zinc added $6 to $1,752.
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Source : Business Line |
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