Commodity Market Report
Global lead short-term outlook June 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
Lead plunged in value during June, losing 11% of its value, briefly crashing through the $1900/t barrier for the fist time in over a year, before recovering to finish on $1907/t. Yet this dismal showing was still the best among the key LME metals. Souring sentiment across markets, triggered by interest rate hikes, the faltering release of Chinese lockdowns, the long-term effects of the Russian war on Ukraine, plus an overall lack of belief that things would improve dragged down on prices all month. Overall exchange stocks were flat, with a small rise in LME metal counteracted by a dip in China. Refined metal premia were showing signs of retreat from historical highs with signs of slight demand easing. June’s spot TCs for low-silver concentrate in China were again lower than the previous month. Spot TCs reduced by another $10/t to $125/t CIF MCP, with RCs down to $1.20/oz.
Table of contents
- Supply-demand balances
- China
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Europe
- 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:
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Base metals in steady decline during June, with lead the least worst performerCash to three-month price spread mostly in narrow contango as price plummetsLead prices in consistent fall, despite brief softening of the dollar before more hardening
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Investor sentiment turns to net short for the first time in 15 monthsLME stocks remain quiet, with few movements and only the rubbish left in the warehouse shedsOnly a small rise in stocks, but nothing to get excited aboutSHFE stocks now at their lowest for 13 monthsSHFE price holds up, defying LME plungeRefined lead premia and scrap pricesPrice forecasts and global quarterly supply/demand balances (kt)Chinese refined lead exports pick up in May, mitigating domestic oversupply in low seasonGlobal quarterly refined lead consumption (kt)
- 9 more item(s)...
What's included
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