LIVE FUTURES REPORT 07/03: LME base metals down amid weak Europe buying; Pb bucks trend, up 1%

Base metals prices on the London Metal Exchange were predominantly lower during morning trading on Thursday March 7, with European buying lackluster ahead of the European Central Bank’s policy meeting where Eurozone growth forecasts could face cuts amid the bloc’s slowing economic progress.

Bucking the trend however, the three-month lead price pushed higher over the morning, breaching $2,100 per tonne after falling below the mark at Wednesday’s close. A decade-low in LME stocks, which remains indicative of tight lead supply, prompted upward price action, while Chinese lead mine production – China is the world’s largest lead producer – remains on a downtrend amid ongoing environmental inspections.

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