Global lead short-term outlook July 2022 Report

Commodity Market Report 28 July 2022

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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below

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.

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

Tables and charts

This report includes the following images and tables:

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)
6 more item(s)...