Commodities
Lead Prices Shrug Off Record Stocks Booked for Delivery
Stacks of refined lead ingots in Port Pirie, Australia.
Photographer: Jonathan van der Knaap/BloombergLead prices fell as traders shrugged off record orders from London Metal Exchange warehouses in Singapore, with global stockpiles still near a 12-year high.
Futures retreated as much as 0.8%, erasing an earlier spike after the LME reported that 117,550 tons of inventory was marked as ready for delivery, the most in data going back to 1997. Practically all the orders were from the Asian city state, where stockpiles have rapidly surged to unprecedented levels this year and remain near all-time highs.