Lead is used in building construction, lead-acid batteries, bullets and shot, weights, and is part of solder, pewter, and fusible alloys.
This metal is highly resistant to corrosion, hence it is extensively used in building construction, e.g., external coverings of roofing joints.
This year lead price had reached the peak of $3500 before falling 50% to $1500. $1500 is a long term support level.
Lead was the worst performer on the LME this year as China's output surged and on expectation that a slowing global economy will lower car production and sales, reducing demand in China.
Double-bottom is forming at around 1500 - 2300 level. If this double-bottom is fully formed, lead has the potential to rise to 2800.
Lead inventory has risen to around 900,000 mt before falling. Lead price generally moves in inversed direction with its inventory level. With lead inventory falling, this will create upward pressure for lead price.
Today lead price is trading at $2115, we would see much higher price over the next few months.
See lead price and lead inventory in the attached.
This metal is highly resistant to corrosion, hence it is extensively used in building construction, e.g., external coverings of roofing joints.
This year lead price had reached the peak of $3500 before falling 50% to $1500. $1500 is a long term support level.
Lead was the worst performer on the LME this year as China's output surged and on expectation that a slowing global economy will lower car production and sales, reducing demand in China.
Double-bottom is forming at around 1500 - 2300 level. If this double-bottom is fully formed, lead has the potential to rise to 2800.
Lead inventory has risen to around 900,000 mt before falling. Lead price generally moves in inversed direction with its inventory level. With lead inventory falling, this will create upward pressure for lead price.
Today lead price is trading at $2115, we would see much higher price over the next few months.
See lead price and lead inventory in the attached.
