Commodity Market Report
Global lead short-term outlook November 2018
Report summary
A less turbulent month for lead ended with the price finishing where it started, at $1933/t. It did little other than track the dollar rate throughout November, except to briefly break free on supply worries after potential production cuts at Nyrstar's key Port Pirie smelter. LME lead stocks fell continuously, with no new deliveries into warehouses, reaching their lowest since 2009. Improved mine production offers the hope to smelters of improved TCs for next year with adequate capacity to treat the additional volume.
Table of contents
-
Executive summary
- Lead key forecasts
-
Supply-demand balances
- Refined lead premia and scrap prices
- Price forecasts and global quarterly supply/demand balances (kt)
-
Demand
- China
- US
- Canada
- Europe
-
Africa
- Global quarterly refined lead consumption (kt)
-
Supply
-
Raw materials market
- Additions to Chinese import have recently far outweighed losses
- Concentrate market TCs
-
Mine production news
- Lead mine capability, market adjustment and production (kt Pb)
-
Raw materials market
Tables and charts
This report includes 19 images and tables including:
- Less price fluctuation in LME lead price in November, prices returns to its starting value
- Lead price follows the dollar rate like an obedient puppy, rarely breaking away and never for long
- Steady contango as supply fears wane among traders – or are misunderstood and ignored
- Far forward price spreads turn from slight backwardation to pronounced contango
- Tonnage continues to reduce despite much lower cancelled warrant total
- Steady trickle of lead leaving warehouses, with no deliveries onto stocks in November
- Executive summary: Table 1
- Supply-demand balances: Table 1
- Supply-demand balances: Table 2
- Demand: Table 1
- Supply: Image 1
- Supply: Table 1
- Supply: Table 2
- Supply: Table 3
- Supply: Table 4
- Supply: Table 5
- Supply: Table 6
- Supply: Table 7
- Supply: Table 8
What's included
This report contains:
Other reports you may be interested in
Commodity Market Report
Global lead short-term outlook November 2023
Lead markets have gained further support from Ozernoye's fire which has indefinitely removed 40kt/a Pb from the supply side of our balances.
$5,000
Commodity Market Report
Global lead short-term outlook October 2023
Penasquito's restart returns up to 100kt/a Pb to lead markets but, although down in October, LME prices are still close to 2023's average.
$5,000
Commodity Market Report
Global lithium market short-term outlook November 2023
Continued evolution of the lithium industry have been incorporated into our latest short-term outlook for the lithium industry.
$5,000
