Lead was another strong performer along with zinc and copper at the LME platform up by 1%.
--Broadly the lead inventories have been broadly declining since last three months and the cancelled warrants for the commodity also increased over 19% from 29150 MT to 35,785 MT in the last twenty trading sessions. However the positive inventory picture is not supporting the commodity prices to rise.
--For the day, we recommend buying from the lower levels as we are positive on the commodity over near term to medium term as the demand for refined Lead might increase from the US due to the closure of the oldest lead smelter.