Commodity market report

Global lead short-term outlook February 2018

Loading current market price

Get this report

Loading current market price

Get this report as part of a subscription

Enquire about subscriptions

Already have subscription? Sign In

Further information

Contact us

Submit your details to receive further information about this report.

  • An error has occurred while getting captcha image
For details on how your data is used and stored, see our Privacy Notice.

Report summary

Lead endured a mixed month, producing the worst price performance among the base metals despite hitting a seven-year price high at the start of the month. Overall, it lost 5.2% of value to end February at $2530/t, having largely tracked the fluctuating dollar rate with its own fundamentals superimposed. Price spreads tightened and oscillated between contango and backwardation as the price rose and fell throughout the month. Total LME stocks reduced by a further 5.6% despite a 13kt influx stunning the market on the last day of February. Just prior to that, LME stocks dipped to a nine-year low of 113kt before spiking back up to 126kt, still some 7.5kt lower than the end of January. The supply story continues to be one of limited concentrate supply. Limited Rest of World smelter cuts are making little difference to global lead fundamentals, but are indicative of overall market tightness. Ongoing TC negotiations are focused on the question of how much, rather than if, TCs should decrease.

What's included

This report contains

  • Document

    Data tables lead STO February 2018.xls

    XLS 257.50 KB

  • Document

    Global lead short-term outlook February 2018

    PDF 509.61 KB

  • Document

    Global lead short-term outlook February 2018

    ZIP 603.72 KB

Table of contents

Tables and charts

This report includes 22 images and tables including:


  • Lead is the trailer of the pack after hitting seven-year high
  • Lead tracks general trend in dollar rate fluctuations
  • Price spread variation continues
  • LME lead stocks reach nine-year low before large inflow
  • Continuous metal withdrawals offset by substantial inwards delivery
  • Chinese refined lead imports drop to insignificant after high levels in 2017
  • Chinese vehicle production still in growth
  • Chinese ebike production
  • Chinese mobile phone installations down in 2017


  • Executive summary: Table 1
  • Supply-demand balances: Table 1
  • Supply-demand balances: Table 2
  • Concentrate market TCs
  • List of secondary smelter projects comissioned in 2017 and 2018
  • Demand: Table 1
  • Supply: Table 3
  • Supply: Table 4
  • Supply: Table 5
  • Supply: Table 6
  • Supply: Table 7
  • Supply: Table 8
  • Supply: Table 9

You may be interested in


Questions about this report?

    • Europe:
      +44 131 243 4699
    • Americas:
      +1 713 470 1900
    • Asia Pacific:
      +61 2 8224 8898