Global lead short-term outlook February 2021

Lead's disappointing performance in February lagged behind the general rally in base metal prices. Despite gaining 4% in value and briefly hitting a 15-month high, the lead price fell to the back of the pack as other base metals surged ahead. It did, at least, manage to finish February just above the $2100/t threshold after slipping back sharply from a dollar rate spike at the end of the month. Demand in North America, Europe and China remains good, but supply is still tested. Secondary output is constrained by capacity, not raw material feed, whereas concentrate availability is still pushing down on TCs, even though there is little current production impact from Covid restrictions at mines.