Lead Market Dynamics

Historic Inventory Surge Pressures Lead Prices

Lead inventories on the LME soared by over 92,000 tons in a single day—triggered by re-warranting activity and fresh deliveries in Singapore. This unexpected supply spike coincides with the May contract expiry, softening backwardation and hinting at bearish short-term price action. With lead trading at $1,965/MT, downside risk toward $1,920 remains on the table.

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