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Forecasts and market analysis based on price assessments from Fastmarkets MB and Fastmarkets AMM

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August 2017 | Base Metals


Lead: Market remains in a supply deficit


Despite the price volatility, it does look as though the run-up in prices was justified as ILZSG data continues to show a supply deficit that totalled 14,700 tonnes in June and took the deficit in the first half of the year to 86,000 tonnes. The lead market has now been in a deficit for the past four months and for eight out of the past ten months. The supply deficit, combined with falling exchange stocks, which supports the deficit data, helps to justify the bullish price trends.

NBS data showed lead output increased 5.6% in July Lead prices had a week of two halves last week with prices starting at $2,325 per tonne on Monday August 14, they went on to rally to $2,537 per tonne, setting a fresh high for the year, before slumping to $2,356.50 per tonne on Friday. They have since extended down to a low of $2,321 per tonne. NBS data showed lead output increased 5.6% in July and was up 6.1% in the first seven months of the year - this seems to have pulled the rug from under the lead rally. Lead market remains in a supply deficit - ILZSG Despite the price volatility, it does look as though the run-up in prices was justified as International Lead...

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