Lead buoyant despite dip as shortage lingers

Nov 22, 2005 | 04:39 PM | Matthew Lerner

Lead remained buoyant as cash prices held above the $1,000-a-tonne mark on the London Metal Exchange Tuesday, driven primarily by overall robust demand, a tightening in market forecasts and ongoing warehouse drawdowns.

The metal remains strong despite logging a slight decline for the day, with cash prices ending the second ring at $1,012 a tonne, down $8 from Monday's $1,020-a-tonne kerb close.

On a three-month basis, lead fell $10 to $979 at the final kerb close. Warehouse outflows of lead totaled 225 tonnes, leaving 44,350 tonnes available in LME stores.

"That's not a lot of material," one market source said. "There is not enough freely available material."....

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