Lead gains in LME trade

Print this page Posted on : 07-30-2008 by recycleinme.com

Lead once again is the only base metal showing signs of life with prices ticking higher on Tuesday on tightening inventory levels, a trend analysts expect to continue. Stocks fell by 1,450 tonnes to 89,275 tonnes, with the decline largely in Singapore but also in Long Beach.

This, combined with recent production cuts at higher cost operations and the likelihood more might follow, has already lifted prices to a two-month high. As of 0915 GMT, London Metal Exchange lead was trading at $2,059 a tonne, up 1.7 per cent from Monday's low. Open interest is meanwhile extremely low for the rest of the base metals with most markets holding in very narrow ranges.

As of 0915 GMT, LME copper was unchanged overnight at $8,005/tonne, aluminium was flat at $3,016/tonne and zinc was down 1 per cent at $1,905/tonne.

Source : Business Line