Global lead short-term outlook April 2021 Report

Commodity Market Report 30 April 2021

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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below

Report summary

Continuity and conformity were the hallmarks of lead's performance in April. Continuity came from no meaningful changes in the supply-demand balance or demand picture, while conformity came from lead doing very little other than tracking the dollar rate and being a rather middling price performer within the base metals pack. The 9% gain in value this month, finishing above the $2100/t barrier, was very much in line with the general trend of the key LME metals. Supply-side, annual concentrate contract terms have at last been settled. Smelters were forced to concede half their 2020 TC gains but held on to RC levels. However, in reality, they really haven't lost out thanks to higher metal prices.

Automotive
Energy storage systems
China
US
Europe
Raw materials market
Mine production news
Smelter production news

Tables and charts

This report includes the following images and tables:

Global quarterly refined lead consumption (kt)
Smelters' share of payable metal has declined as lead/silver prices have recovered since a year ago
Smelters' absolute revenues are unchanged from a year ago despite cut in annual contract TC