LME lead prices have swung in a relatively wider range, spending most of the late summer above $2,200/t before retreating in a wider metals investor sell-off in the autumn to dip at times below $2,000/t. Wider investor concerns over China and Europe, alongside a firmer US dollar have hit all metals, but lead has merely retreated to its well-established 'anchor' trading in the low $2,000s.

Executive Summary 1

Chapter 1 13

Recent developments 13

      1. Summary 13

      2. Metal consumption 16

      3. Metal production 22

      3.1 Mine output 22

      3.2 Smelter output 26

      4. Market balance and prices 36

      4.1 Lead concentrate market 36

      4.2 Refined metal market 41

      4.3 Regional markets and premia 45

      4.4 Stocks 50

      4.5 Investor influence 53 4.5 Prices 58

Chapter 2 63

Market forecast 63

      1. Summary 63

      2. Metal consumption 66

      3. Metal production 78

      3.1 Mine output 78

      3.2 Smelter output 90

      4. Market balance and prices 111

      4.1 Lead concentrate market 111

      4.2 Custom concentrate treatment terms 121

      4.3 Refined metal market 127

      4.4 Prices 135

Statistical review 143

1. Price data 144

2. Stock data 150

3. Supply-demand balance data 152

4. Production data 155

5. Consumption data 163

Appendix A 165

Industrial and economic outlook 165

      1. Industrial production, autos and construction 170

      2. Exchange rates 180

      3. Macroeconomic outlook 182

      4. Alternative scenarios 189

Appendix B 191

Production news 191

      1.Africa 191

      2. America 191

      2.1 North America 191

      2.2 Central and South America 193

      3. Asia 194

      3.1 China 194

      3.2 Other Asia 194

      4. Australasia 194

      5. Europe 197

Appendix C 201

Production data 201

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