The three-month lead price on the London Metal Exchange rose by 1.2% at the close of trading on Friday September 20, climbing beyond the $2,100 per tonne support level, while forward spreads in LME nickel tightened over the afternoon.
Lead futures closed at $2,120 per tonne, its highest closing price since March, while just under 4,000 lots were exchanged by the close.
Reports of a restart at Nyrstar’s Port Pirie smelter in Australia did little to cap the metal’s upward price action. The initial outage in early August was expected to last around 12 weeks.
“Lead is testing overhead resistance between…