Commodity market report

Global lead short-term outlook November 2017

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Report summary

Lead endured an unexciting month while buyers and sellers were focused on negotiations for supply in 2018. Supply tightness looms for concentrates and refined lead, empowering smelters to be more ambitious with targeted premium levels for 2018 after years of flat price increases. LME stocks were also relatively dormant but SHFE stocks grew by half, albeit from a low base after the recent run on refined lead. TCs reversed their recent trend, returning to positive numbers after a couple of months in negative territory, although fees are still very low at typically just $10/t.

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  • Document

    Data tables lead STO November 2017.xls

    XLS 293.00 KB

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    Global lead short-term outlook November 2017

    PDF 509.09 KB

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    ZIP 643.70 KB

Table of contents

Tables and charts

This report includes 20 images and tables including:


  • Lead price sits on top of a quiet pile of base metals
  • Cash to 3-month contango price spread remains moderately tight
  • Lead price reattaches to the dollar trend later in November
  • Only a slight decrease as calm pervades LME stocks
  • Minimal deliveries in and out of LME warehouses
  • SHFE refined lead stocks climb but still relatively low
  • Current Chinese refined imports in context of recent years' intake
  • US refined lead imports higher and coming from further afield
  • Supply: Image 1


  • Refined lead premia and scrap prices
  • Price forecasts and global quarterly supply/demand balances (kt)
  • Executive summary: Table 1
  • Demand: Table 1
  • Supply: Table 1
  • Supply: Table 2
  • Supply: Table 3
  • Global refined lead production (kt Pb)
  • Global primary and secondary refined lead production (kt Pb)
  • Supply: Table 6
  • Global lead supply and demand (kt)

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