LME lead stockpiles surged to the highest level since 2013 yesterdayafter a second consecutive day of big inflows into the exchange’s sheds in Singapore, ING’s commodity analysts Warren Patterson and Ewa Manthey note. Global lead market is set to see another surplus “Singapore now accounts for 98% of LME lead inventories. Total LME inventories jumped by more than 49% in the last two days alone.
” “The global lead market is set to see another surplus this year. The global supply of refined lead will exceed demand by 40,000 tonnes in 2024, according to the International Lead and Zinc Study Group .” “The latest LME COTR report released yesterday shows that investors decreased their net bullish position in copper by 10,315 lots to 58,398 lots for the week ending 15 November. This is the lowest net long since 19 January 2024.