Column: Supply hits catch up with lead as LME stocks shrink

Lead refiners are less exposed to Europe’s rolling energy crunch than zinc smelters.

Germany’s Stolberg smelter, meanwhile, remains out of action after being flooded last summer. Repairs are complete but commodities group Trafigura is still awaiting regulatory approval of its purchase of the plant to restart operations. Global refined lead output fell by 2.2% over the first seven months of this year, according to the latest monthly assessment from the International Lead and Zinc Study Group.

China exported 36,000 tonnes to the United States last year and another 30,000 tonnes in June this year.

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