Lead’s recovery from nine month lows continued on Tuesday with benchmark prices on the London Metal Exchange rising 1.5% to $2,380 a tonne ($1.08 a pound).

“Lead from a raw materials side is probably the tightest commodity market out there. There has been a big clamp down on Chinese private sector mining. China is around 60 percent of primary lead supply,” BMO Capital Markets analyst Colin Hamilton told Reuters.

Prices were likely to hit $2,640 in the third quarter according to BMO marking the investment bank as one of the most bullish on the outlook for the metal, mainly used in batteries. A FocusEconomics report published on Tuesday shows consensus forecast among analysts of $2,428 a tonne in Q3. Lead peaked in January this year at $2,643.

Click here to continue reading...

Subscribe to the RSD email list and get the latest resource stock activity directly to your inbox, for free.

Part of the Stock Digest family of websites

Small Cap Stock Digest

MARKET SUMMARY

INDICES

Name Last Change
DOW 24366.30 0.16%
S&P 500 2617.44 0.59%
NASDAQ 6972.41 0.69%
TSX 15169.42 0.42%
TSX-V 591.57 0.00%

Resource Commodities

Name Last Change
Gold 1285.20 0.06%
Silver 15.35 0.20%
Copper 2.69 0.050
Platinum 789.50 0.19%
Oil 52.57 2.34%
Natural Gas 3.04 14.54%
Uranium 28.90 0.00%
Zinc 1.18 0.00%

@RSDigest ON TWITTER