Commodity Market Report
Global lead short-term outlook August 2021
Report summary
There are two stories to lead's peformance in August: the cash price and the three-month price. Both came under different influences to produce a record cash to three-month backwardation, which also catapulted the cash price through the $2500/t barrier for the first time in three years. Meanwhile, the three-month price slumped to the back of the base metals pack with an unimpressive performance while all attention was on the cash price. Continuing smelter disruptions supported higher spot TCs, but the widening negative SHFE-LME arbitrage was a much bigger influence, particularly material with low silver and unpaid by-products.
Table of contents
- General
- China
- Raw materials market
- Mine production news
- Smelter production news
Tables and charts
This report includes 11 images and tables including:
- Global quarterly refined lead consumption (kt)
- An already wide negative SHFE-LME arbitrage became even wider during August
- Sulphuric acid prices extended their gains during July and August
- Concentrate market TCs
- Lead mine capability, market adjustment and production (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
- Global lead supply and demand (kt)
What's included
This report contains:
Other reports you may be interested in
Commodity Market Report
Global lead short-term outlook March 2024
The increase in LME stocks in March has been a bearish optic but data do not point to a sudden deterioration in lead's fundamentals.
$5,000
Commodity Market Report
Global lead short-term outlook February 2024
Poor demand at Chinese new year saw LME stocks rise to highest level since May 2017
$5,000
Commodity Market Report
Global lead short-term outlook January 2024
A further new mine delay is supportive of lead markets in 2024 but a slower secondary output will also be needed to curb metal stock rises.
$5,000
