Dip buying an encouraging sign of underlying demand

摘要

Lead prices retested support last week with dips to $1,694/tonne on Monday and$1,695/tonne on Friday. But on both occasions there was underlying buying evident,even though there was not a huge amount of follow-on buying afterwards. PoorChinese data over the weekend then led to a sell-off on Monday August 3 to $1,672/tonne, which breached the March low at $1,676.50/tonne. Whether that breach wasan overshoot remains to be seen; there may now be a double-bottom in place.