Commodity Market Report

Global lead short-term outlook November 2023

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Primary lead supply is not completely immune from low zinc prices. While the Middle Tennessee Mines produce no zinc, Rasp's future is now in question. However, the last month has seen significant supply-side developments in relation to the future. As its CEO was sanctioned, Ozernoye suffered a fire that is believed will have ruled in out of supplying in 2024-2025. This is yet another development that is helping keep the concentrate market tighter for longer. Traders' LME stock activity prompts brief price surge but weak fundamental demand results in prices falling and a market in contango. Global auto demand remains high but US, Europe and China adoption rates for plug-in EV growth diverge. US auto production plunges in October and while US new car registrations hold up the affect of the UAW strike are felt in lead-acid scrap demand.

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