Lead Outlook

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Expert lead market insights

Our quarterly lead outlook is published in our Quarterly Metals Report, which covers base, precious and ferrous metals. The impact of supply and demand fundamentals and macroeconomic implications for the lead futures and spot prices are analysed. Our research team produce a lead price range forecast as part of the report.

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Lead Outlook – Q1 2025

Lead prices decreased to $1,950/t by year-end 2024, influenced by a bearish market narrative and speculative players holding record short positions. Despite a tight lead concentrate supply, the overall surplus is set to nearly double in 2025. However, with current prices below the $2,000/t levels, smelters will unlikely return to full capacity production following the holidays. This should tighten the availability of refined material, pushing domestic and LME prices higher. 

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