Another quiet month for lead nevertheless saw it lead the LME base metals, gaining 2.5% to close the month at $1880/t. After previous months of poor performance, lead's sound fundamentals appear to finally assert themselves with the onset of the seasonal peak battery production period and growing worries over supply availability to both primary and secondary smelters. The apparent current abundance of scrap supply can be assumed to rapidly dwindle as lead demand spikes with battery producers moving into top gear. TCs dropping to $120/t CIF MCP gives further evidence of concentrate tightness as imports into China fall significantly.
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Commodity market report | Sep 2016
Global lead short-term outlook August 2016
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