Preliminary data reported to the International Lead and Zinc Study Group covering the period January to November 2011 suggest that the global refined lead metal market was in surplus by 157kt and that total reported stocks increased by 211kt.

According to provisional information compiled by the ILZSG, global supply of refined zinc metal exceeded demand by 337kt during the first eleven months of 2011.

1. An increase in world lead mine output of 9.2% was principally due to higher output in China, India, Mexico and the Russian Federation that more than offset falls in Australia, Peru and the United States.
2. Global output of refined lead metal increased by 7.2%. This was largely a consequence of increases in China, Germany, India, the Republic of Korea and the United States.
3. A 6% rise in global demand for refined lead metal was primarily driven by rises in apparent usage in China and the United States of 9.8% and 9.5% respectively. Demand in Europe remained at the same level as during the first eleven months of 2010.

Other key findings on zinc are:

1. During the first eleven months of 2011, inventory levels reported by producers, consumers, the London Metal Exchange and the Shanghai Futures Exchange increased by 235kt.
2. A 6.2% rise in world zinc mine production was driven primarily by increases in China, India, Kazakhstan, Mexico and the Russian Federation.
3. Increases in refined zinc metal output in China, India, the Republic of Korea and Peru were the main influences on an overall global rise of 1.9%.
4. Rises in Chinese and European demand of 1.2% of 1.7% respectively more than balanced a decline In the United States of 9.7% resulting in a limited increase in global refined zinc metal usage of 0.7%.