Backwardation of LME Lead Now At Two-Month High

Recently, SHFE lead has performed strongly, and refreshed its high for many years. LME lead prices hovered at highs and failed to break through their highest level since the beginning of the year.

LME lead inventory are still around 55,000 mt, but the backwardation of LME cash to the three-month lead contract has risen since mid-August, standing at around $40 currently, the highest since early July.