Commodity market report

Global lead short-term outlook April 2017

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Report summary

For most of April the lead price was in a negative slide, dragged down by darkening sentiment on rising geopolitical tensions. Lead's fundamentals struggled to assert an influence in spite of the available material in LME stocks reaching a 16-month low amid continuing medium-term supply concerns. The return of market confidence on brighter news later in the month prompted investors to return, stimulating a short but strong rally to recover most of lead's lost value to end the month at $2237/t, just 2.2% down overall.

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    Global lead short-term outlook April 2017

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    Data tables lead STO April 2017.xls

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Table of contents

Tables and charts

This report includes 23 images and tables including:


  • Base metals in April slump, some ground regained by late rallies
  • Dollar weakness fails to pull price higher
  • Some tensions evident as contango evaporates and stocks fall
  • The first significant change in total LME stocks for a year
  • Both LME and SHFE prices in decline, with Chinese prices more stable
  • Continuous outflow of refined lead from European LME warehouses
  • Korean and Indian buying activity persists in the US
  • Korean scrap buyers take the lion's share of Japan scrap exports
  • Chinese vehicle production growth shows signs of faltering
  • US vehicle production retains some upwards momentum
  • Cumulative Chinese concentrate imports increase 9% month on month


  • Lead key forecasts
  • Supply-demand balances: Table 1
  • Supply-demand balances: Table 2
  • Global quarterly refined lead consumption (kt)
  • Concentrate market TCs
  • Lead mine capability, adjustment and production - ROW, China and Global (kt Pb)
  • Global refined lead consumption (kt Pb)
  • Global lead mine production (Lead in concentrate)
  • Global refined lead production (kt Pb)
  • Global primary and secondary refined lead production (kt Pb)
  • Lead stocks, prices and premia
  • Supply: Table 8

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