Lead cancellations Increase
- The three month lead price was $21 higher at $2,297 per tonne – it had peaked at $2,303 immediately after release of today’s stock data
- Cancellations at 112,175 tonnes are at their highest since April 2015 after 43,600 tonnes were freshly cancelled. The increase was centred on Vlissingen at 33,150 tonnes, although the Rotterdam and Antwerp totals were also up 5,600 tonnes and 4,875 tonnes respectively.
- “[It’s] not surprising with lead – someone had an idea as cash/April went from a $4.5 contango to level yesterday,”
- Stocks rose a net 175 tonnes to 190,200 tonnes.