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Lead is widely used in cable sheathing, ammunition, pigments and, most importantly, car batteries. In July, the metal hit a new high of $2,343 per ton, its highest figure in three years. This high was driven by the resurgence of demand for lead-acid batteries post-lockdown as more motorists return to the roads.
Before this, in June, the cash premium over the anchor London Metal Exchange lead price was $35 per ton. This is the most serious squeeze on cash metal since February last year. Much like prior periods of tightness, the squeeze is likely the result of a position clash between…
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