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
-
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:
- Base metals in steady decline during June, with lead the least worst performer
- Cash to three-month price spread mostly in narrow contango as price plummets
- Lead prices in consistent fall, despite brief softening of the dollar before more hardening
- Investor sentiment turns to net short for the first time in 15 months
- LME stocks remain quiet, with few movements and only the rubbish left in the warehouse sheds
- Only a small rise in stocks, but nothing to get excited about
- SHFE stocks now at their lowest for 13 months
- SHFE price holds up, defying LME plunge
- Refined lead premia and scrap prices
- Price forecasts and global quarterly supply/demand balances (kt)
- Chinese refined lead exports pick up in May, mitigating domestic oversupply in low season
- Global quarterly refined lead consumption (kt)
- 9 more item(s)...
What's included
This report contains:
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