Lead prices jumped in early 1996 due to unexpectedly high battery replacement demand. By October, however, they were in retreat from heady levels toward the long term trend line. In spite of relatively tight total stocks (8-9 weeks consumption), that trend is down in real terms.In 1997, a Western market deficit will be more than amply satisfied by a net surplus in production from China and Eastern Europe. Both primary and secondary refined lead output will rise in 1997 for a world total output level of six million tonnes, 4.6 percent above 1996.
展开▼
