Lead Price at SupportAccording to ManMetals charts, support in the form of a rising long term trend line for lead is at about $890 US per metric tonne.
This price action on lead is astounding, the volatility is wild, especially, as was noted on this board, the LME inventories have dipped below 40K again. All the industrial metal took a large hit yesterday, some are in recovery mode today, but lead continues to fall in price.
Some observers are attributing the metals price drops to a rebound in the forex markets for the US Dollar, and noting the bearish(for interest rates) comments released by the Federal Reserve yesterday, which indicated concern about inflation and a willingness to raise interest rates more aggressively.
Inflation is rampant in the essential things people need, but gov't statistics are manipulated to show minimal inflation, to keep payments required of the gov't(Soc Security, etc) flat.
There is a lot of jawboning and manipulation going on in all the markets I watch now, energy, metals, currencies, lots of talk and misdirection it seems. Supply and demand will be the final arbitor, of course.
A keen observer of the charts posted on Stockhouse yesterday, the Trusts board, about being watchful for an 'event' in the next week or so, which would impact the price of oil, in particular, and the knock-on effects on currencies, interest rates, etc.
These are challenging times for investors, just trying to see the forest for the trees.
vocex1