Lead Outlook & Market Analysis - Sucden Financial > Metals Outlook > Market Insights

Expert lead market insights

Our quarterly lead outlook is published in our Quarterly Metals Report, which covers base, precious and ferrous metals. The impact of supply and demand fundamentals and macroeconomic implications for the lead futures and spot prices are analysed. Our research team produce a lead price range forecast as part of the report.

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Lead Outlook – Q4 2024

Lead prices continued to fluctuate in Q3, mirroring zinc's moves at times of strong directional appetite. This was particularly evident due to increasing optimism about a recovery in the construction segment following the recent fiscal announcement. However, with no significant changes in fundamentals expected for the remainder of the year, lead prices will likely continue fluctuating within their current ranges, with limited potential for upward movement due to ample lead supply.

Metals

As we enter Q4 2024, several trends from the previous quarter continue to persist. The central banks began their interest rate cutting cycles, with the Fed initiating a 50bps cut at its first meeting. The ECB is on a similar path, but it is facing strong pressures to cut due to the weakening performance of the Eurozone, which is creating a larger yield differential compared to the US. In China, authorities are aiming to stimulate the economy through fiscal and monetary policy measures; however, they are struggling to restore market confidence, particularly in the construction sector. These factors, combined with the upcoming US elections in November, create a strong likelihood of increased volatility. In this report, we will examine the potential trajectories for base, ferrous, and precious metals in the final months of the year.

Q4 2024