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"RAW"Lead Prices

Discussion in 'Uncategorized Threads' started by Cray, Feb 21, 2008.

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  1. Cray

    Cray Member

    Jan 29, 1998
    Price as of today---$1.5066 per pound!!! So much for lower lead prices this year! Cray
  2. Joe Potosky

    Joe Potosky Well-Known Member

    Jan 29, 1998
    For those who wish to do a bit of reading in regard to metals and China....

    Zinc, Lead, Copper Gain in London on Chinese Supply Speculation

    By Chanyaporn Chanjaroen

    Feb. 21 (Bloomberg) -- Zinc rose to a three-week high in London on speculation power shortages in China, the world's biggest producer of the metal, will curtail supply. Copper, aluminum and lead also advanced.

    Yunnan Luoping Zinc & Electricity Co., a producer of the metal based in China's Yunnan province, said today it cut output because of a lack of power. Yunnan Chihong Zinc and Germanium Co. said yesterday it had reduced output since Feb. 11.

    ``The damage to production areas in China is more significant than some had thought,'' said Alex Heath, head of industrial metals trading at RBC Capital Markets in London. People are buying the metal in ``panic,'' he said.

    Zinc for delivery in three months added $100, or 4.2 percent, to $2,510 a metric ton as of 9:37 a.m. on the London Metal Exchange. Earlier it rose to $2,546, the highest intraday price since Feb. 1.

    Shanghai zinc for May delivery rose by the exchange-imposed daily limit of 4 percent. Special high-grade zinc for immediate delivery in Changjiang, Shanghai's biggest cash market, gained as much as 7.2 percent.

    Zinc stockpiles tracked by the LME rose to a four-month high of 121,050 tons. Still, the availability of the metal is limited as LME data show one company controlled 50 percent to 79 percent of the total stockpiles on Feb. 19.

    At today's cash price and excluding zinc earmarked for withdrawal, it would cost about $277.2 million to hold half of the LME-monitored stockpiles of the metal.

    Zinc Demand

    Barclays Capital projected China's zinc output loss at about 45,000 tons, less than 1 percent of last year's total world production of 11.41 million tons estimated by the International Lead and Zinc Study Group. Stockpiles of the metal are adequate to fill any gap, the bank's analysts led by Kevin Norrish in London wrote today in a report.

    Zinc and lead consumption exceeded production last year, although the supply shortfall in both metals was lower than in 2006, according to Lisbon-based ILZSG.

    China's zinc demand expanded 15 percent last year, accounting for a third of world use. The country's demand for lead rose 15 percent in 2007. China is the world's largest user of both metals, the Lisbon-based group said Feb. 18.

    Lead climbed as much as $74, or 2.3 percent, to $3,350 a ton, the highest since Nov. 16.

    Aluminum gained $20, or 0.7 percent, to $2,902 a ton, the highest since May 9. The metal's 20 percent gain this year is due to concern power shortages in China and South Africa, the world's main production areas, will curb output. All futures rose across the price curve, indicating speculation on further gains. The contract maturing May 2010 climbed to a record $2,916 a ton yesterday.

    Copper Gains

    Copper rose as much as $130, or 1.6 percent, to $8,280 a ton, the highest since Oct. 3, as stockpiles of the metal dropped to a four-month low.

    LME-monitored inventories fell 2,250 tons to 135,375 tons, the lowest since Oct. 10. They have declined 31 percent this year. Including those tracked by the Shanghai Futures Exchange and the Comex division of the New York Mercantile Exchange, they were at 179,244 tons, a level last seen October 2006. They averaged 3.5 days of global consumption, compared with last year's 4.9 days average, according to Bloomberg calculations.

    Copper was in deficit by 161,000 tons in 2007, a swing from a surplus of 278,000 tons, according to data released yesterday by the World Bureau of Metal Statistics. Demand in China, the world's largest user, increased to 4.861 million tons, 35 percent more than a year ago, the Ware, England-based group said.

    Among other metals traded on the LME, nickel added $500, or 1.8 percent, to $28,600 and tin advanced $175 to $17,300 a ton.

    To graph technical gauges for zinc: Moving Averages Relative Strength Index Fibonacci Back Test Technical Gauges

    To contact the reporter on this story: Chanyaporn Chanjaroen in London at cchanjaroen@bloomberg.net
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