Commodity Market Report
Global lead short-term outlook November 2022
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 17 images and tables including:
- Investor buying lifts price and open interest
- Tightness in spread eases
- Exchange stocks continue to slip lower
- Refined lead premia and scrap prices
- Price forecasts and global quarterly supply/demand balances (kt)
- India remains the dominant destination for Chinese batteries
- Quarterly consumption
- The arbitrage was again in negative territory during October
- Concentrate market TCs
- China's concentrate imports have climbed with low-silver tonnages being needed to blend with complex qualities
- Lead mine capability, market adjustment and production (kt Pb)
- Global refined lead consumption (kt Pb)
- Global lead mine production (lead in concentrate, kt Pb)
- 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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