Commodity Market Report

Global lead short-term outlook June 2023

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The suspension of operations at Peñasquito appears to have provided support to the rally in lead prices in June. Such fundamental support is justified because the lead concentrate market is already tight. Unlike smelter cuts, which can merely result in raw materials being diverted elsewhere, Peñasquito 's lost output will result one-for-one in reduced output of refined metal. Strong OE automotive figures were also supportive on the demand side of lead's market fundamentals. However, the wider macroeconomic picture has been less robust recently, particularly in China.

Table of contents

  • Prices
  • Asia.
  • India.
  • North America.
    • Concentrate market
    • Mines news
    • Corporate activity
    • Smelter news

Tables and charts

This report includes 15 images and tables including:

  • Lead % price fluctuation itghter than most metals
  • Refined Lead Premia and Scrap Prices
  • Price forecasts and global quarterly supply/demand balances (kt)
  • Quarterly Consumption
  • Concentrate market TCs
  • TCs lifted only a little in June despite the persistent LME/SHE arbitrage widening significantly
  • Acid prices slipped further in June and risked jeopardising the fortunes of Chinese smelters
  • January-May's imports were 20% higher than in 2022 at a seasonally-adjusted annual rate
  • 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 June 2023

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