| Aluminium hit a three-week low on Thursday on concerns of oversupply and a cut in Chinese power prices, while lead and zinc hit multi-month highs on further inventory drawdowns. Daily London Metal Exchange (LME) data showed lead stocks MPB-STOCKS fell 725 tonnes to 223,125 tonnes, their lowest level since mid-March, while zinc stocks MZN-STOCKS fell 50 tonnes to 509,925 tonnes, their lowest point in five years.
Zinc and lead are the best performing base metals this year, with supply expected to tighten due to the closure of big mines. "We think (lead) prices should stabilise (near term) and rise by end of year. Lead (demand) is not very dynamic ... but supply is probably not going to be as good as expected," said Eugen Weinberg, an analyst at Commerzbank...............................................Full Article: Source
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