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Lead May Trading in Sideways Range for Years -- Market Talk

19 Jun 2017 4:53 am

0453 GMT - After approaching $2,500/tonne in late 2016, it could be years before that level is seen again despite the prospect of a widening supply/demand deficit, says BMI. At the same time, prices--which have pulled back nearly 15% from this year's high--aren't liable to fall much further, the researcher posits, "as fundamentals increasingly point towards a tightening of the market in the short term." Inventory data show "global demand is increasingly outstripping production," a scenario BMI sees persisting through at least 2021. But that won't do that much to prices, with the firm seeing lead that year averaging $2,300/tonne. Futures are currently around $2,133, according to LME. (kevin.kingsbury@wsj.com; @kevinkingsbury)

(END) Dow Jones Newswires

June 19, 2017 00:53 ET (04:53 GMT)

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