Commodity Market Report
Global lead short-term outlook February 2024
Report summary
Poor demand at Chinese New year coincided with LME stocks surging 71kt in February to peak at 180kt, the highest since May 2017. Stocks have since fallen and are ending the month nearer 170kt. Prices bottomed out at US$2010 at mid-month but an exchange rate-driven price recovery had started a few days before stocks peaked. Lead is ending February down on the start of the month, close to the level at the end of February last year when LME stocks were only 25kt. Lead consumption is forecast to increase to 2026 at a CAGR of 0.9%, equal to the estimated rise for 2023. We expect production to exceed consumption from 2024, and prices to remain under downward pressure in 2025.
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