MARKET TALK: LME Lead Eyes $2,000/Ton On Supply Concerns

LME lead continues to eye the $2,000 a metric ton target with prices at record highs on the back of ongoing supply side worries, a broker says. Notes lead had been "so long the bridesmaid" of the base metals complex but has broken higher on the back of force majeure on shipments from Australia's Magellan mine, a strike at Doe Run's operations in Peru and ongoing force majeure at Xstrata's Northfleet refinery. Trade buyers are largely behind the gains, he adds. LME lead last at $1,973/ton, +2% from Tuesday.