Benchmark: LME cash lead, in-warehouse. The same tonne prices differently by origin — freight, quality, sanctions and policy set the differential. Deep dive →
| Origin | Basis | Price | vs benchmark | Market note |
|---|---|---|---|---|
🌐 LME warehouses Global · terminal market | In-warehouse | 2,295.00 | Benchmark | Global reference |
🇺🇸 US delivered USA · premium | Delivered premium | 2,475.00 | +180.00 (+7.8%)stable | Battery-recycling demand supports a delivered premium |
🇪🇺 Europe delivered Europe · premium | In-warehouse premium | 2,445.00 | +150.00 (+6.5%)stable | Duty-paid premium |
🇨🇳 China (SMM) China · secondary-heavy | Ex-works China | 2,265.00 | -30.00 (-1.3%)widening | Recycled supply and export tax cap the price |
🇦🇺 Concentrate (payable) Australia/Peru · mine supply | FOB payable | 2,135.00 | -160.00 (-7%)widening | Concentrate payables under refined metal |
Differentials are indicative desk assessments over the live benchmark — 90-day spread trend shown per origin.
Track physical flows on the live vessel map →Indicative term structure · Contango
Converted from 2,295.00 USD/t · indicative FX
Lead is traded in the base metals segment, with price discovery referenced against LME. The chart above shows the trailing indicative price path. Physical parcels of Lead can be sourced or placed through the Off Market desk, listed openly on the Marketplace, or intermediated by a specialist broker.
Proposed licensing measures in a key producing region could lengthen lead times for several battery and rare-earth inputs, traders warn.
Zinc outperformed lead as smelter feed stayed scarce, while battery-driven lead demand looked steady but unspectacular.
A softer dollar and calmer macro tone supported the broad complex, with metals leading and bulks lagging on China demand concerns.