Global lead short-term outlook November 2019 Report

Commodity Market Report 30 November 2019

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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

The lead price reversed its upward trend of recent months to suffer a sustained fall, shedding 10.5 of value to finish November on $1947/t. A turnaround in fortunes gave Peñasquito mine much improved output in Q3, in line with our forecast but which will place upward pressure on TCs, although with some offset from the restart, after three months of shutdown, of Port Pirie's TSL furnace. However, a reverse effect will come from the announcement that the Belledune smelter will be permanently closed by the end of this year.

China
India
Europe
Raw materials market
Mine production news

Tables and charts

This report includes the following images and tables:

Global quarterly refined lead consumption (kt)
The SHFE/LME arbitrage value in concentrate trade reversed its move into negative territory during November
Spot TCs no longer need to be quite as high to maintain the TC plus SHFE/LME arbitrage value for concentrate importers

China's lead concentrate imports have increased significantly in the year to date
Concentrate market TCs
Lead mine capability, market adjustment and production (kt Pb)
Global refined lead consumption (kt Pb)
Global lead mine production (Lead in Concentrate)
Global refined lead production (kt Pb)
Global primary and secondary refined lead production (kt Pb)
Lead stocks, prices and premia
Global lead supply and demand (kt)