Lead highlights

摘要

Inflows of lead into LME registered warehouses in Helsingborg appear to be over, with the last batch reported on October 28. This took the total placed on warrant in this location to 19,850 tonnes since this phase of deliveries started on October 6. The metal is believed to be from Zinifex's Port Pirie smelter and belongs to Trafigura. Total LME stocks peaked at 49,400 tonnes with the last arrival into Helsingborg and have declined steadily since then, towards the 47,000/tonne mark. LME prices were actually little moved by the stock build or by the resumption of net declines. Official cash prices have spent most days above 1,000 dollars/tonne (45.4 cents/lb) since the start of October, reaching their highest point of 1,036 dollars/tonne (47.0 cents/lb) on November 7. Meanwhile, official three-month prices have continued to trade in a range of 940-990 dollars/tonne (42.6-44.9 cents/lb) - and thus the nearby backwardation has persisted at around 40-60 dollars/tonne.