Global lead short-term outlook May 2021 Report

Commodity Market Report 31 May 2021

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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

Despite being a mid-pack runner among the base metal prices for most of the month, lead still managed to reach a 16-month high and finish May level with frontrunners zinc and copper in price performance. Copper hitting a new record high pulled the rest of the LME complex higher, assisted by a weaker dollar. But without any apparent supportive fundamentals, lead still finished the month strongly. This hints at potential activity, yet to see the light of day, pushing up the lead price by one or more market actors. One of the few intrinsic price positives for lead was continuing concentrate tightness, which saw TCs tumble further with little prospect of this situation easing.

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Tables and charts

This report includes the following images and tables:

Chinese automotive battery exports boom from the time lockdowns eased in Western countries
Industrial battery exports were at typical levels with Western demand focused on auto replacement
Global quarterly refined lead consumption (kt)