Global lead short-term outlook May 2020

Lead markets finally attained some stability after the calamitous events of the past two months. Easing of some lockdown restrictions across the world were producing glimmers of a demand resurgence, assisted by automakers restarting operations at an increasing number of plants, thereby giving a much-needed boost to OE battery consumption. Two key industry players became victims of the pandemic, one major smelter and a battery giant, but had a limited price impact. The coronavirus continues to trouble ROW mine production but improvements are filtering through and some cutbacks are being reversed. Spot TCs have stabilised and seem not to be getting upward pressure from the recovering mine production.