Deficit feeds lead’s rally, but surplus on the horizon

Unexpected shortages of lead due to supply disruptions have helped prices of the car battery metal to outperform other metals such as copper, aluminium and zinc, but looming surpluses mean this trend is unlikely to persist.

Benchmark lead on the London Metal Exchange at around $2 200/t is up nearly 9% so far this year compared with losses of 3%, 7% and 25% for copper, aluminium and zinc respectively.