Commodity Market Report

Global lead short-term outlook October 2021

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29 October 2021

Global lead short-term outlook October 2021

Report summary

October was a much better month for lead's price performance, gaining 13.6% of value, briefly hitting a two-month peak before retreating slightly to finish on $2449/t. Strong fundamentals, mostly surrounding refined metal availability, continued to drive the price higher when other base metal prices sagged later in the month. Lead resisted downward pulls from disappointing economic data and a stronger dollar, as total exchanged stocks fell with SHFE's tonnage dropping 16% with power rationing curtailing output. Chinese imports are lower for lead concentrates but higher for silver concentrates, which still contain a significant amount of lead. Spot TCs have stabilised, which isn't an easing of market fundamentals, considering the substantial negative SHFE/LME arbitrage.

Table of contents

  • Raw materials market
  • Mine production news
  • Smelter production news
  • China
  • India
  • Europe

Tables and charts

This report includes 12 images and tables including:

  • SHFE-LME arbitrage has become much more negative once again
  • Acid prices slipped in October following their major rally
  • 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)
  • Lead key forecasts
  • Global quarterly refined lead consumption (kt)

What's included

This report contains:

  • Document

    Global lead short-term outlook October 2021

    PDF 1.11 MB