Commodity Market Report

Global lead short-term outlook July 2022

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28 July 2022

Global lead short-term outlook July 2022

Report summary

In the wake of June's sell-off, some signs of stability emerged for the lead price this month. However, with sentiment being increasingly dominated by interest rates and the hawkish monetary policy of the US Federal Reserve and more recently, the European Central Bank, the impact of inflation and rising interest rates on economies and the strength of the US dollar seems set be the dominant influence on the lead price in the coming months.

Table of contents

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

Tables and charts

This report includes 18 images and tables including:

  • Macroeconomic developments and the strength of the US dollar have been the dominant influence on the lead price
  • Open interest points to a failed attempt to push the price even lower
  • Nearby tightness sustains a modest backwardation through July
  • Exchange stocks remain close to record lows
  • Refined lead premia and scrap prices
  • Price forecasts and global quarterly supply/demand balances (kt)
  • The H1 jump in Chinese battery exports has been driven by India, Philippines, the USA, Malaysia and the Russian Federation
  • Global quarterly refined lead consumption (kt)
  • Low-silver spot TCs fall further as the negative price arbitrage vanishes
  • Concentrate market TCs
  • Chinese concentrate imports (kt gross weight concentrate)
  • 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)

What's included

This report contains:

  • Document

    Global lead short-term outlook July 2022

    PDF 1.04 MB