Lead.......
Lead prices are galloping higher on account of recovery in China PMI
from official sources. The data showed a rise of 50.8 in May compared to
50.6 in the month of April. The three month lead prices were last seen
trading at $ 2217 per tonne on Monday, up 1.4 percent.
Lead has
been in the news these days for all the right reasons. The inventories
of lead have been moving down while the demand from automobiles has
resulted in spot prices jumping up. The spot prices of lead have been
running at a premium of $ 8 per tonne against three month prices. The
spot prices were last seen at $ 2224 per tonne.
LME Lead
inventories have been down by 31 percent this year and this is one metal
that has seen a considerable drawdown in warehousing inventories
compared to some of the other big names like Copper and Nickel.
Indian
Lead futures were trading at Rs 125.6 per kg, up 1.17 percent. Though
the prices are in a overbought zone they can seen some more recovery
towards Rs 126-127 per kg.
Source by Commodity Insights
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