Lead's recent rally carried prices up to $2,259/tonne last week, a move of some 16% off the lows from May 15. What is more, the rally cleared three previous mini-peaks that were positioned at $2,080/tonne, $2,082/tonne and $2,089/tonne, which is technically significant as it appears to have started an uptrend in. The pace of the rally too fast though, as prices became overbought and have since dropped back to the uptrend line at around $2,119/ tonne, which although was breached with Monday's low at $2,115/tonne, has generally provided support.
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