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1 Research Consulting Technology Agriculture Metals Energy Dairy Currency Economy Brands
2 Medium term outlook on Lead July 217 2
3 Market Recap LME Lead remained weak last month but recovered towards the end to close higher Major price drivers Decline in LME stocks ILZSG SnD release Upbeat Chinese demand and import appetite Improvement in Chinese CIF premiums Slowdown in global auto production prospects for H2 217 from China weighed on sentiments Weak Dollar which fell to 1 month lows against the basket of currencies Feb Mar Apr May Jun Consulting Pvt Ltd Slide LME Lead Price trend Mar Apr May Jun Mar Apr May Jun LME 3M Monthly Avg (USD per ton) -.78 LME CSP M-o-M (%) Change LME Zinc Cash - 3M Forward spread (usd/t)
4 Summary price drivers Price driver Type 1 month 2-3 months Weight % Score (1-5) Weight % Score (1-5) China Physical/Exchange Stocks Stocks Lead Refined Production China Supply Lead Concentrate Imports China Raw Material Exchange Inventories LME Stocks Automobile Production - Global Demand Lead Mine Production China Supply Dollar Index Currency ILZSG Monthly Release Supply-Demand China Macroeconomic cues Demand Total indexed score: Index score (1-5, 3:consolidation, 1&2:bearish, 4&5:bullish) Consulting Pvt Ltd Slide 4
5 Global PMI trends portend to improving global conditions in unison US ISM manufacturing PMI for the month of June came in at 57.8, sharply higher than the market consensus and the May reading of 53.5 portending an upbeat growth outlook in US for AMJ Manufacturing PMI Euro Zone continues to grow at a good pace and the upbeat manufacturing PMI for June (57.4 vs 57 in May) reinforces the same keeping the broad strength intact in the Euro China manufacturing PMI came in at 51.7 for June, higher than the market consensus and the May reading of 51.2, aiding positive growth sentiments in the economy. Services PMI continues to expand and for June came in at 54.9 compared to May s US EU China India 46 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun Services PMI Indian PMIs although ebbed slightly after recovering from demonetization slump, continues to remain in expansion zone 48 US EU China India 46 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Consulting Pvt Ltd Slide 5
6 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 With personal consumption slowing retail inventories are on the rise in US Retail sales have declined but improvement witnessed in capacity utilization rates in the last few months led to building up of inventories which shall eventually lead to manufacturing slowdown in the coming months Auto sales remained subdued despite discounts from car makers underpinning the higher inventory levels at the dealer front 1.34 Inventory to sales ratio Total retail Motor vehicle and parts US Auto Sales % 4% 2% % -2% -4% -6% 77. US capacity utilization rates (%) Manufacturing industry 73.5 Total industry Total Sales - SAAR (Million Units) Growth YoY Consulting Pvt Ltd Slide 6
7 Housing demand remain strong but slowdown likely with increasing monetary costs and higher house prices Although sales declined marginally in April, broad strength in housing remained intact in the recent months amid benefits discounts from mortgage lenders However, with increasing monetary costs as FED continues to push ahead with its monetary tightening shall lead to credit tightness and is expected to result in slowing sales in the coming months In line with the same, even housing starts and build permits have been declining in the last few months underpinning the expected slowdown in US housing Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 New Homes Sold(SAAR mln units) 3 yr Mortage rate Avg(%) US - Housing Market US - Housing Market (SAAR mln units) Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Building Permits Housing Starts % 4.2% 4.% 3.8% 3.6% 3.4% 3.2% 3.% 1.9 Consulting Pvt Ltd Slide 7
8 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Upbeat growth momentum in China Aided by fiscal boost, Chinese growth momentum remained stable Amid upbeat industrial activity and 4 improvement seen in export momentum price 2 sentiments in commodities shall remain strong China industrial production and fixed asset investment IP growth (%YoY) FAI growth (%YoY) 7.3% OND % 7.% 6.9% 6.8% JFM 215 AMJ 215 JAS 215 China GDP growth YoY OND % 6.7% 6.7% JFM 216 AMJ 216 JAS % 6.9% 6.9% OND 216 JFM 217 AMJ China trade balance (net exports in usd bln) Consulting Pvt Ltd Slide 8
9 ILZSG Lead Forecast: Lead market to remain in balance in 217 with steady demand to aid sentiments Global Lead Surplus/Deficit (KT) JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC (MT) ILZSG global Lead market forecast Oct 16 forecast Apr 17 forecast Mine Production Refined Production Refined Consumption Balance 23 - All units in million tons, Source: ILZSG Jan-Mar 17 Jan-Mar 16 Change (%) Global Mine Production % Global Refined Metal Production % Global Refined Metal Usage % Refined Lead Balance *All units in million tons, Source : ILZSG Consulting Pvt Ltd Slide 9
10 Lower concentrate availability creating tightness leading to higher refined imports China Lead Concentrate Imports (KT) 1134 Lower mine supply witnessed since end of 215 due to closure of major mines in Australia and Ireland had led to lower concentrate imports in the same period. Tightness in Concentrate markets in China is leading to higher refined imports seen since JFM P H1 H TCs for imported Lead concentrates in China (usd/t) Source: SMM, Reuters 2 Jul-14 Dec-14 May-15 Oct-15 Mar-16 Aug-16 Jan-17 Jun-17 Quarter Refined Imports(KT) JFM'16.9 AMJ' JAS'16.86 OND' JFM' Consulting Pvt Ltd Slide 1
11 31-May Jul-14 3-Sep-14 3-Nov Jan Mar May Jul-15 3-Sep-15 3-Nov Jan Mar May Jul-16 3-Sep-16 3-Nov Jan Mar May-17 Stability in Lead prices seen along with improvement in secondary lead availability since H2 216 to keep refined production steady for H China Refined Production (KT) % 3% 2% 1% % -1% -2% SHFE Lead Prices (CNY/Ton) Refined Production(KT) % YoY Growth - Global refined metal output in 216 remained at around 1.5 % higher as compared to 215 mainly on account of higher output from U.S & Republic of Korea. Meanwhile Lead output in China during H1 217 could remain steady as higher prices seen in H2 216 could lead to improved availability of scrap in spot markets. Consulting Pvt Ltd Slide 11
12 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Stocks remain higher in China despite improved refined imports indicating lack of consumption demand for H Lead exchange Inventories (KT).5 China Stocks to Consumption Ratio LME SHFE China Stocks to Consumption Ratio Jun Dec-14 3-Jun Dec-15 3-Jun Dec May-17 Change in Lead Inventory at Chinese physical markets (KT) LME Stocks v/s Cash-3M Forward Spread AMJ JAS OND JFM AMJ JAS OND JFM AMJ 215 Consulting 215 Pvt Ltd P LME Total Inventories (' tonnes) Slide Cash - 3M Spread (usd/tonne) 12
13 Global automobile sector prospects Auto demand to remain lower in China on reduced tax incentive partially offset by steady demand from Europe during H % 5% China automobile production growth (YoY %) Automobile Production in Major Markets ( units) 49% 15 38% 4% 32% 32% 29% 3% 5% 11% 18% 2% 19% 25% 2% 18% 12% 14% 9% 1% 6% 1% 3% 2% % -1% -2%-4% -3% Commercial vehicles Passenger vehicles JFM 216 AMJ 216 JAS 216 OND 216 JFM 217 AMJ 217P China Japan Germany US Auto sales in China is expected to slowdown during H2 217 after double digit growth witnessed in same period a year ago on reduced tax incentives from government. Decline in China auto demand could be partially offset by steady demand in Europe & U.S during H Consulting Pvt Ltd Slide 13
14 Lead Effective Balance Sheet 2.75 Global Lead P-C balance Description E 217 P Refined Lead Production Apparent Consumption P-C Balance Ending Stocks (Producer and Consumer) Ending Stocks (Exchange) No. of Weeks of Consumption Source: ILZSG, Reuters, TG Estimates, * All figures are in Million tons unless mentioned otherwise Production surplus / deficit (Mln Tons) No. of Weeks of Consumption E 217P Global Lead Supply and demand Prod. Cons. Prod. Cons. Prod. Cons. Prod. Cons. H1 216 H2 216 H1 217 H2 217 All Units in Million Tons China RoW Consulting Pvt Ltd Slide 14
15 Technical Analysis 15
16 LME Lead SELECT 3 Month Forward Elliott Wave Analysis LME Lead 3 month forward prices have culminated primary wave A around USD 2575 and witnessing correction as intermediate flat wave B within primary wave B, which likely to place top around USD 255 in the coming 3-5 months. Consulting Pvt Ltd Slide 16
17 LME Lead SELECT 3 Month Forward Mother Chart Analysis LME Lead 3 M Forward prices are likely to witness minor correction towards USD 22 before resuming the positive trend towards USD 25 in the Consulting coming Pvt 2-3 Ltd months. Slide 17
18 Price outlook summary Commodity Last Closing (USD/ton) (as on July, 217) Range Price outlook summary for next 2-3 months Direction LME Lead 3- month forward Prices are likely to witness minor correction towards USD 22 before resuming the positive trend towards USD 25 in the coming 2-3 months Note: Price close below USD 21 will negate the upside potential and extend the weakness towards USD 18. Consulting Pvt Ltd Slide 18
19 Click here Click here LEGAL INFORMATION This document is the whole property of Consulting Private Limited, Hyderabad, India (hereafter ). The following acts are strictly prohibited: Reproduction and/or forwarding for sale or any other uses Posting on any communication medium Transmittal via the Internet Thanking you for your attention. Terms of usage Upon receipt of this document either directly or indirectly, it is understood that the user will and must fully comply with the other terms and conditions of. By accepting this document the user agrees to be bound by the foregoing limitations. Talk to us on: Research Queries: Sales: TransRisk software: Schedule an interaction: More info: Click here This publication is prepared by and protected by copyright laws. Unless otherwise noted in the Service Agreement, the entire contents of this publication are copyrighted by, and may not be reproduced, stored in another retrieval system, posted on any communication medium, or transmitted in any form or by any means without prior written consent of. Unauthorized reproduction or distribution of this publication, or any portion of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent necessary to protect the rights of. The information and opinions contained in this report have been obtained from sources believed to be reliable, but no representation or warranty, express or implied, is made that such information is accurate or complete and it should not be relied upon as such. This report does not constitute a prospectus or other offering document or an offer or solicitation to buy or sell any assets (commodities, currencies, etc) or other investment. Information and opinions contained in the report are published for the assistance of recipients, but are not to be relied upon as authoritative or taken in substitution for the exercise of judgment by any recipient; they are subject to change without any notice and not intended to provide the sole basis of any evaluation of the instruments discussed herein. Any views expressed reflect the current views of the analysts, which do not necessarily correspond to the opinions of or its affiliates. Opinions expressed may differ from views set out in other documents, including research, published by. Any reference to past performance should not be taken as an indication of future performance. No member in the public related to accepts any liability whatsoever for any direct or consequential loss arising from any use of material contained in this report. Locate Consulting Private Limited 6C/A, Melange Towers, Sy.No.8-84, Hitech City, Hyderabad 581, India Analyst Certification Each analyst responsible for the preparation of this report certifies that (i) all views expressed in this report accurately reflect the analyst's views about any and all of the factors and assets (commodities, currencies, etc) named in this report, and (ii) no part of the analyst's compensation is directly or indirectly, related to the execution of the specific recommendations or views expressed herein. Copyright Consulting Private Limited, Hyderabad, India. 19
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