COMEX Lead Inventory
Physical lead stocks at COMEX-approved delivery points
What Is COMEX Lead Inventory?
COMEX lead inventory represents the total physical lead stored at CME Group-approved delivery points. Lead is measured in metric tons and categorized as warranted (available for delivery against futures contracts) and non-warranted (meets quality standards but not registered for delivery).
Why Lead Inventory Matters
Lead is dominated by battery demand, with lead-acid batteries powering conventional vehicle starting systems, backup power for telecommunications, and industrial energy storage. Global lead production is around 12 million metric tons annually, with about half coming from recycled batteries. Inventory levels reflect the balance between primary production, recycling, and battery manufacturing demand.
Frequently Asked Questions
- How is COMEX lead inventory measured?
- COMEX lead inventory is measured in metric tons. Stocks are divided into warranted (registered) and non-warranted (eligible) categories at approved delivery points.
- What is lead used for?
- The primary use of lead is in lead-acid batteries, which account for approximately 80% of global demand. These batteries are used in vehicles, backup power systems, and energy storage. Other uses include radiation shielding, ammunition, and cable sheathing.
- How does COMEX lead compare to LME lead?
- The LME is the primary global exchange for lead futures. COMEX lead futures provide a North American benchmark. Both exchanges report warehouse inventory levels that together give a comprehensive view of global lead supply.
- Why does lead inventory matter?
- Lead inventory is closely tied to automotive and industrial battery demand. Rising electric vehicle adoption affects lead demand dynamics, as EVs use lithium-ion rather than lead-acid batteries. However, conventional vehicle battery replacement and industrial applications maintain steady lead demand.