Research

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

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March 2019 | Base Metals


Lead: Two steps forward, one step back


Lead prices are working higher in a ‘two-steps forward, one-step back’ fashion. They are currently putting in their second period of consolidation so far this year. The overall theme of a market in a supply deficit is bullish. But lead’s demand situation is poor and that is dampening sentiment and capping the upside for prices.

Lead following the other metals lower, as consolidation sets in After reaching a high of $2,179.50 per tonne on February 28, lead prices have pulled back to consolidate around $2,100 per tonne. Less bullish activity in LME stock flows, poor economic data and the end of the northern hemisphere winter season are likely headwinds for lead, and consumers probably feel in little need to chase prices higher. Stock activity slows and re-warranting of cancelled warrants is a bearish sign In the first two months of the year lead stocks left LME-registered warehouses at an average...

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