The bullishness in the aftermath of the Glencore rally, which started the Friday beforeLME Week, has started to be corrected, with lead prices softening last week andcontinuing lower on Monday. They have so far retreated to $1,686.50/tonne, downfrom a high of $1,832/tonne on October 15, but still well up on the early October low of$1,608/tonne. We are a little surprised by the pull-back in lead prices as this market’sfundamentals look more bullish than most of the other base metals. However, theweakness is widespread and has been prompted by a more hawkish stance adoptedby the Fed during last week’s FOMC meeting.
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