Global lead short-term outlook August 2022 Report

Commodity Market Report 31 August 2022

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Report summary

Efforts to push the lead price lower in early August failed. The rallying of the wider base metals complex amid signs that US inflation may be easing and renewed efforts in China to stimulate growth, boosted sentiment and forced shorts to cover. This helped to propel the lead price upwards from $2022/t at the end of July to as high as $2192/t by the middle of the month, its highest level since mid-June.

Supply-demand balances
Global
- Europe
- China
- China Concentrate markets
- Current mine developments
- Project News
- Corporate Activity
- Smelter and refinery developments

Tables and charts

This report includes 15 images and tables including:

Price fall eliminates backwardation
Improved sentiment in first half of August boosts metal prices
Refined lead premia and scrap prices

Price forecasts and global quarterly supply/demand balances (kt)
Global quarterly refined lead consumption (kt)
Closure of negative arbitrage in July was short-lived, but so was the return of a negative arbitrage in August
Concentrate market TCs
Sharp fall in China's sulphuric acid price in July-August should be supportive of spot TCs
Lead mine capability, market adjustment and production (kt Pb)
Global refined lead consumption (kt Pb)
Global lead mine production (lead in concentrate, kt Pb)
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)