Global lead short-term outlook April 2022

A quiet April saw the lead price trading sideways in a narrow band, peaking up 1% but finishing down 7%, together with the other key base metals being pushed downward by a strengthening dollar. Some support did come from tight stocks across the base metals sector, with lead only just above the historical multi-year low of last month, and with no expectation that this position will improve any time soon. Benchmark TCs are starting to crystallise, slightly lower than last year's mark, while Chinese spot TCs are higher again this month as the negative arbitrage makes concentrate imports expensive for smelters.