Commodity Market Report
Global lead short-term outlook May 2024
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Report summary
LME Cash is up 1.8% from the start of May alongside a surge in deliveries out of LME warehouses. Cancelled warrants are up ~20% of remaining stocks. The open LME tonnage at 151kt is therefore now at its lowest level since January. Q2 is a seasonally weak period for metal prices, but raw material availability is constraining supply. This is supporting Chinese prices which is capping the arbitrage.
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