Lead Outlook

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.

Lead Outlook – Q2 2025
Lead mirrored the broader market performance, dropping below the $2,000/t mark, as demand concerns grew more prominent. With the lead-acid battery off-season ending, lead prices may recover back above this level, supported by renewed demand. However, the long-term outlook is less constructive, with growing oversupply and waning demand, prompted by auto tariffs and continued transition towards EVs, weighing on lead’s price prospects. Our Q2 2025 outlook remains cautious, with resistance expected around $2,100/t despite near-term recovery signs.
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