The smaller metals set the pace, with lead and zinc setting new highs within the current upswing, while others were positioned below their overhead targets.
Lead rose to $2,508 per tonne, its highest since January 15 and up $58, settling at $2,495, with warehouse stocks dropping a net 150 tonnes to 198,075 tonnes.
Zinc jumped $64 to a six-month high of $2,504 and then likewise held at $2,495. Inventories fell for the 15th successive day - down 650 tonnes at 605,775 tonnes, a fresh low since late May.
Copper bounced back above $8,300 per tonne to trade at $8,390, a $50 advance on the Wednesday close, and then held at $8,365. Inventories fell a net 750 tonnes to 370,000 tonnes, just 50 tonnes above Tuesday's one-year lows.
Aluminium bounced back into the plus column, trading at $2,383, up $21, as inventory declines resumed following a mini two-day run of increases.
Stocks fell a net 4,700 tonnes to 4,325,125 tonnes. There had been two days of stock increases this week, with metal warranted, as usual, against the monthly 'third Wednesday' prompt date.
In the minor metals, cobalt was quoted at $38,000/38,900 per tonne, up $250. There was a seven-tonne stock rise to 207 tonnes, the highest since early September, as cathodes have been warranted against a run of 'third Wednesday' maturing positions and possible tightness. Molybdenum was indicated at $31,000/37,450.
No comments:
Post a Comment