Commodity market report

Global lead short-term outlook April 2018

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Report summary

While some LME metals have begun trading at significantly higher levels due to the repercussions of US sanction on certain Russian businesses and individuals, lead continued to lose value during April. This has been the result of seasonally weaker demand, as well as concerns that the contraction in economic output that is thought likely to result from any trade war between China and the USA would damage metal consumption prospects. Lead's fundamentals have been supportive so far this year, with poor availability of mined lead having resulted in a decisive cut in annual contract terms between miners and smelters. However, supply growth is forecast to pick up during the balance of 2018 and beyond, and the degree to which the lead market softens as a result will be determined by the relative strength of demand.

What's included

This report contains

  • Document

    Global lead short-term outlook April 2018

    PDF 467.55 KB

  • Document

    Data tables lead STO April 2018.xls

    XLS 254.50 KB

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    Global lead short-term outlook April 2018

    ZIP 561.99 KB

Table of contents

Tables and charts

This report includes 17 images and tables including:

Images

  • US sanctions focus attention on aluminium and nickel, as lead drifts lower
  • Price spread volatility reduces with a more consistent contango in April
  • Lead price mostly follows the dollar rate in April without any new drivers of its own
  • LME stocks stabilise after a year of steady decline
  • Delivery activity quietens down for LME refined lead movements

Tables

  • Executive summary: Table 1
  • Supply-demand balances: Table 1
  • Supply-demand balances: Table 2
  • Concentrate market TCs
  • Supply: Table 2
  • Supply: Table 3
  • Supply: Table 4
  • Supply: Table 5
  • Supply: Table 6
  • Supply: Table 7
  • Supply: Table 8
  • Demand: Table 1

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