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Lead spot prices continue to set new records

Discussion in 'Uncategorized Threads' started by Joe Potosky, Oct 4, 2007.

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  1. Joe Potosky

    Joe Potosky Well-Known Member

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    Lead prices averaging $1.65/lb

    Spot prices continue to set new records on short supply

    By Tom Stundza - Purchasing - October 4, 2007

    Lead prices for spot delivery hit $1.65/lb this week London Metal Exchange (LME)—a new record high—as world inventories are at their lowest since 1990. Lead futures are trading today as high as $1.68. Lead started the year at 76¢/lb but averaged $1.46 in September, bringing the nine-month average to $1.07.

    Strong winter demand for batteries, and falling supplies from lead producer Xstrata because of a fire at its Mount Isa mine in Australia earlier this week that would impact up to 20,000 metric tons of lead. exacerbated an already constrained inventory. Thomson Financial is reporting that Xstrata has estimated up to 20,000 metric tons of lead could have been cut.

    “We continue to view lead prices with an upside bias in light of the market's compelling fundamentals and anticipate further price gains, and hold a short-term price target of $4,000 per metric ton ($1.81/lb),” says a note to clients from Barclays Capital in London. Still, the analysts there admit in another note that global economic turmoil has clouded the outlook for metals demand ahead.

    * Take note of the anticipated $1.81/lb short term price per pound.
     
  2. rjdden

    rjdden TS Member

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    I am still saying that they (who ever they are) are trying to get us to go to steel shot for everything. Rich.(inPeoria,A.Z.)
     
  3. rumplestilskin

    rumplestilskin TS Member

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    Time to sell our guns. Hillary will take them away anyway so if we sell now we get some of our money back.
     
  4. CalvinMD

    CalvinMD Well-Known Member

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    Pretty soon it will be cheaper by the pound to buy good beef
     
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