Commodities Buzz: Global Lead And Zinc Market Deficits Widen In 2019

Commodities Buzz: Global Lead And Zinc Market Deficits Widen In 2019

Feb 20, 2020 09:02 IST capital market

According to the World Bureau Of Metal Statistics (WBMS), the global lead market recorded a deficit of 329kt in January to December 2019 which follows a deficit of 243 kt recorded in the whole of 2018. Total stocks at the end of December were 10 kt lower than at the end of 2018.

World refined production during January to December 2019 from both primary and secondary sources was 12404 kt which was 6 per cent higher than in the comparable months of 2018. Chinese apparent demand was estimated at 5915 kt which was 680 kt higher than the comparable period in 2018 and represented about 46 per cent of the global total. For the USA, apparent demand has increased by 37 kt for January to December 2019 compared to the same months of 2018.

In December 2019, refined lead production was 1130.0 kt and consumption was 1135.8 kt.

The global zinc market was in deficit by 243.7 kt during January to December 2019 which compares with a surplus of 108 kt recorded in the whole of the previous year. Reported stocks decreased by 63 kt during January to December with a net increase in Shanghai of 28.8 kt over the period. LME stocks fell in December and closed 77.8 kt below the December 2018 level.

Global refined production rose by 2.8 per cent and consumption was 5.4 per cent higher than the levels recorded one year earlier. Japanese apparent demand was, at 514 kt, 6.8 per cent above the equivalent total for January to December 2018.

World demand was 725 kt higher than for January to December 2018. Chinese apparent demand was 6821 kt which is 48 per cent of the global total. No allowance is made in the consumption calculation for unreported stock changes.

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