Global lead short-term outlook May 2019 Report

Commodity Market Report 31 May 2019

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Report summary

With no obvious resolution in sight, the blockade of Peñasquito is now in its third month, with the suspension of its operations is running one month behind this. This mine had promised to provide the largest addition to ROW supply in 2019, and the disruption is merely helping to keep the concentrate market tight. It has had no discernible impact on metal prices, which have continued to slide. Lead's losses in May do not mark it out from the general base metals trend. All been hit by the escalating trade war and its association with the now-slumping automotive sector is the key drag on overall sentiment towards lead. Its fundamentals appear more supportive than prices would suggest but, for the moment, sentiment is in control.

US-China tariffs
China
Europe
Raw materials market
Mine production news

Tables and charts

This report includes 13 images and tables including:

Chinese battery production closures
Tenth month of very high growth rate for Chinese mobile phone base stations
Global quarterly refined lead consumption (kt)

Value of arbitrage to Chinese smelters has stabilised since recovering in March/April
A high level of concentrate imports in April maintain the upward trend
Concentrate market TCs
Lead mine capability, market adjustment and production (kt Pb)
Global refined lead consumption (kt Pb)
Global lead mine production (Lead in Concentrate)
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)