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.

COMEX Lead Inventory

Physical lead stocks at COMEX-approved delivery points

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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.

COMEX Lead Futures Contract Specifications

COMEX lead futures contracts are traded on the CME Group's electronic platform with delivery at approved US warehouses. Deliverable lead must meet a minimum purity of 99.97% and conform to standard ingot specifications. Contract sizes and delivery months follow CME Group standards for base metals.

While the LME remains the primary global exchange for lead futures with warehouses worldwide, COMEX lead futures provide a North American pricing benchmark. The relationship between COMEX and LME lead prices reflects regional premiums, shipping costs, and local supply-demand conditions in the US market.

Global Lead Market: Batteries and Recycling

Over 80% of global lead consumption goes into lead-acid batteries, which are used in automotive starting, lighting, and ignition (SLI) systems, uninterruptible power supplies (UPS) for data centers and telecommunications, and industrial forklift and backup power applications. This heavy concentration in a single end-use makes lead demand closely tied to vehicle production and the telecommunications infrastructure cycle.

Lead is the most recycled metal in the world. Over 99% of lead-acid batteries are collected and recycled at end of life, and secondary (recycled) lead accounts for approximately 60% of total global lead supply. This high recycling rate provides a significant supply buffer that differentiates lead from most other metals and helps moderate price volatility during demand surges.

Battery market trends directly affect lead inventory dynamics. While electric vehicles use lithium-ion batteries instead of lead-acid, the growing global vehicle fleet still requires lead-acid batteries for conventional cars and trucks. Additionally, lead-acid batteries remain the dominant technology for stationary backup power, where cost and reliability outweigh energy density considerations.

Data Sources & Methodology

COMEX lead inventory data is sourced from the CME Group's daily warehouse stock reports. These reports are published each business day after market close and provide a breakdown of warranted and non-warranted lead stocks at each approved delivery point.

MetalCharts processes this data daily to track inventory changes, calculate net movements, and present historical trends in an accessible chart format. Our records enable users to identify seasonal patterns in lead inventory and correlate stock changes with battery manufacturing cycles and broader industrial 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.
Why is lead the most recycled metal?: Over 99% of lead-acid batteries are recycled, making lead the most recycled commodity in the world. Secondary (recycled) lead accounts for approximately 60% of total supply. This high recycling rate provides a supply buffer that helps moderate price volatility.