The pull-back in lead prices since the November-December rally amounted to a retreat of some 10%, to $2,252/tonne from the high of $2,499/tonne. Prices started to find underlying support at the end of last week, with a good close on Thursday followed by a small gap higher on Friday. The combination of macroeconomic better data from the USA and China, plus the cold weather in China and now Europe, should be bullish for supportive for demand.
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