LIVE FUTURES REPORT 07/03: LME base metals down amid weak Europe buying; Pb bucks trend, up 1%
Base metals prices on the London Metal Exchange were predominantly lower during morning trading on Thursday March 7, with European buying lackluster ahead of the European Central Bank’s policy meeting where Eurozone growth forecasts could face cuts amid the bloc’s slowing economic progress.
Bucking the trend however, the three-month lead price pushed higher over the morning, breaching $2,100 per tonne after falling below the mark at Wednesday’s close. A decade-low in LME stocks, which remains indicative of tight lead supply, prompted upward price action, while Chinese lead mine production – China is the world’s largest lead producer – remains on a downtrend amid ongoing environmental inspections. Elsewhere, while both copper and nickel futures remain well supported, both metals’ price action have failed to break upside pressure and continue to consolidate above $6,400 per tonne and $13,400 per tonne respectively. Total available LME copper stocks remain near record lows with just over 32,000 tonnes on-warrant, while open interest in the metal has fallen by 3,254 positions overnight to 402,293 open positions, the lowest since February 25. In addition, the metal’s cash/three-month spread has eased amid…
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