Lead prices are galloping higher on account of recovery in China PMI from official sources. The data showed a rise of 50.8 in May compared to 50.6 in the month of April. The three month lead prices were last seen trading at $ 2217 per tonne on Monday, up 1.4 percent.
Lead has been in the news these days for all the right reasons. The inventories of lead have been moving down while the demand from automobiles has resulted in spot prices jumping up. The spot prices of lead have been running at a premium of $ 8 per tonne against three month prices. The spot prices were last seen at $ 2224 per tonne.
LME Lead inventories have been down by 31 percent this year and this is one metal that has seen a considerable drawdown in warehousing inventories compared to some of the other big names like Copper and Nickel.
Indian Lead futures were trading at Rs 125.6 per kg, up 1.17 percent. Though the prices are in a overbought zone they can see some more recovery towards Rs 126-127 per kg.
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