Global lead short-term outlook May 2022
A steady downwards price slide characterised the first half of lead's price performance in May, after which the decline was halted but with a more choppy direction of travel for the remainder of the month. At one point, the LME lead price managed to hit a one-year low, dipping under $2100/t, before regaining some ground to end May at $2175/t, 4.1% down overall. Lead markets were pushed around by external factors, without lead's fundamentals exerting any apparent influence on its price. Spot premia for refined metal and scrap battery prices remained stable from April's levels. Spot TCs saw a little more movement, influenced by the shrinking negative SHFE/LME arbitrage. By the end of the month, they settled around $145/t CIF MCP for low silver concentrates.