Commodity Market Report
Global lead short-term outlook January 2021
Report summary
Lead's performance finished mid-pack this month, essentially finishing January were it started but, importantly, remaining above the psychologically important $2000/t threshold. Sister metal zinc nosedived with a huge influx of LME stocks, whereas the lead price was supported by large outflows from warehouses. This suggests that relative value trading is at play, and that we'll soon see this lead reappearing in LME stocks. Markets were often mixed, balancing positive news with threatening developments politically and with the coronavirus. Supply worries resurfaced with new lockdowns in Peru potentially causing further mine disruption. Annual negotiations are still underway, but these developments increase the downward pressure on contract TCs.
Table of contents
- General
- China
- US
- Raw materials market
- Mine production news
- Smelter production news
Tables and charts
This report includes 12 images and tables including:
- Chinese vehicle ownership growth little slowed by pandemic
- Chinese car production shows remarkable recovery in H2
- Chinese battery output charging ahead
- Global quarterly refined lead consumption (kt)
- 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:
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