Lead Outlook

Adobestock 408487962

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.

Adobestock 138077830

Lead Outlook – Q4 2023

Lead prices gained momentum in Q3 2023, driven by acute tightness seen in the SHFE contract. The recent spread between lead contracts and spot cargoes widened, resulting in a higher inventory of lead ingots in social warehouses. From the demand side, vehicle production remains stable y/y whilst declining marginally m/m, and we struggle to see demand fundamentals impacting lead prices in the near term. Given the continued replenishment of stocks on the LME warehouses, the tightness that we have seen on lead should diminish in Q4 2023.

Sign-up to get the latest market insights

We will email you each time a new report has been published.