Commodity Market Report
Global lead short-term outlook November 2021
Report summary
Relative stability returned to lead markets, after rather more volatile recent months. Together with the majority of the base metals pack, prices slide backwards somewhat in November by a similar degree, with the exception a stronger performance from nickel. The cash to three-month price backwardation has entered its fifth month, except for a couple of very brief and small periods of contango, so pressure remains on the front end of spreads. Spot TCs for Chinese imports were unchanged but some negative pressures are building from some falling by-product values, although offset by the narrowing negative arbitrage.
Table of contents
- China
- Europe
- Raw materials market
- Mine production news
- Smelter production news
Tables and charts
This report includes 11 images and tables including:
- Global quarterly refined lead consumption (kt)
- Negative SHFE-LME arbitrage narrowed in late November but is still significant
- Acid prices have decreased decisively since their peak in September
- 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)
What's included
This report contains:
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