Lead prices on the London Metal Exchange rose above $2,000 per metric ton, for the first time in 17 months. Just this week, the metal is up near 7% in only four days. At a face value, a combination of supply surplus and stable LME stocks doesn’t really support this bullishness. Lead prices are playing catch-up. They have lagged behind zinc’s performance this year but, it’s not a surprise that lead prices are finally taking off. The closure of mines caused zinc prices to rally this year but it seems like the market has ignored the fact that mine closures also affect lead supply. This may be because markets expected secondary production to make up for this shortfall. More importantly, a rising trend in the metal complex is adding fuel to lead prices. Lead prices are being driven by funds’ increasing appetite for industrial metals. Sometimes, a metal can rise significantly in price before the bullish story becomes clear.
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