Commodity market report


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Report summary

Table of contents

Tables and charts

This report includes 21 images and tables including:


  • Lead key forecasts
  • Refined lead premia and scrap prices
  • Price forecasts and global quarterly supply/demand balances (kt)
  • Global quarterly refined lead consumption (kt)
  • Concentrate market TCs
  • Global refined lead consumption (kt Pb)
  • Supply: Table 3
  • Global refined lead production (kt Pb)
  • Global primary and secondary refined lead production (kt Pb)
  • Lead stocks, prices and premia
  • Global lead supply and demand (kt)


  • Lead price stay ahead of the pack despite relatively flat month
  • Lead price gets slightly ahead of weakened dollar
  • Calm surface waters disguise alarming undercurrent of material potentially leaving warehouses
  • Cash to 3-month contango steady but spreads in backwardation further forward
  • Steady growth in SHFE lead stocks on weak demand, in the face of primary supply tightening
  • In- and outflows from LME warehouses remain minimal as cancelled stocks reach 59% of total
  • Huge jump in Chinese refined lead imports is meaningless
  • Lead exports slow to a trickle despite increased offshoring of battery production for export markets
  • Cumulative Chinese concentrate imports decrease 7% month on month
  • 2016-2018 increased global refined production comes primarily from China and the rest of Asia

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