Lead Jumps More than 5 Percent
Industrial metals climbed after a steep drop leaving lead at more than a 5% high.
Lead for three-months delivery on the London Metal Exchange jumped to $1,658 per tonne and was at $1,655.25 per tonne by 1502 GMT versus Wednesday’s close of $1,575 a tonne.
Lead and zinc prices were also boosted by a Chinese local government decision to close smelters, in a move expected to cut China’s lead and zinc output by 20 percent in the fourth quarter, after an accidental discharge of arsenic in southwestern China, a local newpaper reported.
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Thu, Oct 9, 2008
Post by Melissa Pistilli, Lead Senior Reporter