Commodity Market Report
Global lead short-term outlook November 2022
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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
Continued low spot TCs suggest that smelter capacity has not yet become a bottleneck for supply in the refined market, with lead prices instead being driven higher in November along with other metals on the back of macro-economic developments. While rising infections at operations have recently led to automakers in China to cut production, there are now renewed hopes of a less disruptive zero-Covid policy in the country. This will help global consumption growth to accelerate to 3.4% in 2023, up from just 1.2% this year. This should be met by supply, which will in part be boosted by mine production which will grow once more after a flat performance in 2022. Smelter capacity is sufficient to process the extra concentrate but it will need to restore utilisation rates after this year's dip.
Table of contents
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Supply-demand balances
- Concentrate market
- Project development
- Corporate Activity
Tables and charts
This report includes the following images and tables:
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Investor buying lifts price and open interestTightness in spread easesExchange stocks continue to slip lower
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Refined lead premia and scrap pricesPrice forecasts and global quarterly supply/demand balances (kt)India remains the dominant destination for Chinese batteriesQuarterly consumptionThe arbitrage was again in negative territory during OctoberConcentrate market TCsChina's concentrate imports have climbed with low-silver tonnages being needed to blend with complex qualitiesLead mine capability, market adjustment and production (kt Pb)Global refined lead consumption (kt Pb)
- 5 more item(s)...
What's included
This report contains:
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