Lead and nickel were the busiest metals in the LME complex on Wednesday, with the former rallying to fresh record highs and the latter falling further. Copper steadied on an increasing strike threat in Latin America and elsewhere, though aluminium's role was reduced to only a bit-part. Prices ended firmer on the day, though the market remained hemmed in its well established range, with the WBMS putting supply/demand in narrow deficit in the first 4 months of the year and analysis of the IAI's latest figures fairly neutral.
Nearby spreads were unchanged, forwards were fractionally easier in parts and the LME's WC warrant banding report this morning contained two holders now in the 30-40% bracket.
On Thursday morning prices slipped back from 2740 to 2710 with the dollar regaining ground against the euro, though at time of writing volumes were still sub 1,000 lots. Resistance remained initially at 2760/70 with support starting at 2660/70, according to Cliff Green Consultancy, with a break out in either direction looking unlikely for the time being.
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