LME lead price, 2025.

Chart via the LME.

Shanghai Metals Market notes that the tariff announcement came during the traditional off season for lead, with battery producers reducing production and weakening overall demand for the metal.

However, the lead price had rebounded as of the end of April, with rising demand driving down inventories in downstream industries. By the end of Q2, lead was once again trading above US$1,900.

Trade concerns remained present, and although lead ultimately wasn’t included in reciprocal tariffs, considerable uncertainty dampened sentiment during the metal’s normally peak August-to-September period.

During the year’s third quarter, a significant 45,150 MT delivery to LME warehouses in November pushed total volume to 266,125 MT, leading to a collapse in the lead price amid oversupply concerns.

Lead stabilized in the US$1,930 to US$2,050 range as the year drew to a close, spiking to US$2,078.84 on November 12 and to US$1,910.48 on December 12.

What trends will move the lead market in 2026?

According to the International Lead and Zinc Study Group (ILZSG), global demand for refined lead is expected to increase by 0.9 percent to 13.37 million MT in 2026 after rising 1.8 percent in 2025.

In an October report, the organization projects a 6.6 percent rise in US lead demand for 2025, driven by higher domestic battery production. The ILZSG is also expecting greater 2025 lead usage in the Czech Republic, Germany, Poland and the UK, with a 1.8 percent gain in demand across the European Union.

However, a rise in Chinese demand in the first half of 2025, supported by a government trade-in policy for cars and e-bikes, was offset by lower exports of lead-acid batteries, which fueled demand growth of just 0.9 percent.

Many of these same factors are expected to carry over into 2026, with gains in Europe, Vietnam and the US expected to be offset by a forecast 1.7 percent decrease in Chinese demand.

On the supply side, mining output is expected to increase 2.2 percent to 4.67 million MT in 2026, with a 2.5 percent rise from Chinese operations, along with further gains from Europe and output recoveries in Australia and the US.

Refined supply is forecast to increase by 1 percent to 13.47 million MT over the next year, with gains from smelters in Brazil, India and Kazakhstan partially offset by lower production in China and the UK.

Overall, the ILZSG is expecting the lead surplus to grow to 102,000 MT in 2026.

Lead price forecast for 2026

According to a report from market intelligence firm Mordor Intelligence, lead-acid batteries are set to see increasing demand from data centers and 5G applications, where they are used as back-up power systems. The firm is calling for a 0.4 percent compound annual growth rate (CAGR) over the next two to four years.

In terms of EV sector demand, Mordor sees a 0.3 percent CAGR over the next two years as low-speed EVs like rickshaws and golf carts gain greater uptake in emerging markets in Southeast Asia.

Lead’s supply side could be affected by changing dynamics in the silver market.

In a December 12 article, Fastmarkets notes that a high silver price is prompting producers to accelerate project development timelines, pointing to Silver Mountain Resources’ (TSXV:AGMR,OTCQB:AGMRF) Reliquias project, which is expected to enter commercial production in Q3 2026.

As far as 2026 goes, Fastmarkets is expecting balance in the refined lead metal market, with little supply growth and the price rangebound at around the US$2,000 mark.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$97,611.39, up by 3.3 percent over 24 hours.

Bitcoin price performance, January 14, 2025.

Chart via TradingView.

Ether (ETH) was priced at US$3,380.29, up by 5.5 percent over the last 24 hours.

Altcoin price update

• XRP (XRP) was priced at US$2.15, up by 0.6 percent over 24 hours.

• Solana (SOL) was trading at US$147.38, up by 2.7 percent over 24 hours.

Today’s crypto news to know

Senate Committee puts crypto bill on January clock

The US Senate Committee on Agriculture has scheduled January 27 for its markup of a sweeping crypto market structure bill aimed at clarifying regulatory oversight of digital assets.

The bill text is due to be released on January 21, giving lawmakers less than a week to review and propose amendments before the committee vote. Committee Chair John Boozman said the compressed schedule is designed to balance transparency with momentum as Congress looks to reduce regulatory uncertainty.

The agriculture committee plays a central role because it oversees the Commodity Futures Trading Commission, which would gain expanded authority under the proposal.

If approved, the bill would still need to clear the Senate Banking Committee, pass the full Senate and House and ultimately be signed into law. While momentum has improved compared to last year, unresolved disputes remain around stablecoin yield and decentralized finance provisions.

Polygon to acquire Coinme, Sequence for ‘one-stop shop’ payments

Polygon Labs has entered into definitive agreements to acquire Coinme and Sequence, bringing together licensed fiat on- and off-ramps, enterprise wallets and onchain orchestration in one integrated solution.

Coinme provides licensed cash-to-digital at retail locations, while Sequence has the simplified ‘smart wallet’ technology needed to move that money easily. By acquiring these two companies, Polygon believes it is building a “one-stop shop” for moving money, allowing users to turn physical cash into digital money, and vice versa, at over 50,000 retail locations in the US; they can also create a digital wallet using an email or social media account.

In addition to that, Polygon said the acquisition will allow crypto users to send money across the world in seconds, without the need for complicated background steps.

Figure launches OPEN, a blockchain-based stock exchange network

Figure Technology Solutions (NASDAQ:FIGR) has launched a new system called the On-Chain Public Equity Network (OPEN), providing a new way for companies to list and trade shares using blockchain technology.

According to the announcement, OPEN is a new system where official stock ownership is recorded directly on a public blockchain, meaning the blockchain record is the stock, unlike a digital copy. It allows continuous, peer-to-peer trading via a limit order book, eliminating reliance on traditional banks and clearinghouses that close.

Investors can self-custody their stocks in a digital wallet, which aims to reduce fees and costs.

The network also allows shareholders to use their stocks as collateral for borrowing or lending, a role typically held by prime brokers. Figure said it is planning for these blockchain stocks to be ‘exchangeable’ with Nasdaq-traded stocks, ensuring price parity and liquidity across both markets.

Figure is the first company to use OPEN, and is offering some of its own shares to demonstrate the technology’s viability for large-scale public investing.

CleanSpark expands into AI data centers with Texas acquisition

CleanSpark (NASDAQ:CLSK), a company primarily known for Bitcoin mining, announced an expansion to build data centers for artificial intelligence (AI) with the purchase of 447 acres of land in Brazoria County, Texas.

This is its second major land purchase in the area following a similar deal nearby in Austin County.

The company has secured a long-term deal to get up to 600 megawatts of electricity for this new site, enough power to run hundreds of thousands of homes.

While the company is known for mining Bitcoin, it is now using its expertise in building large “computer warehouses” to support the AI boom. These new sites are being designed as AI factories, places filled with powerful computers that process the complex data needed for things like ChatGPT and other advanced tech.

The deal is expected to close in early 2026. Once finished, CleanSpark will have nearly 1 gigawatt of potential capacity in the Houston area, making it a major player in the infrastructure that runs the modern internet.

Strategy’s US$1.3 billion Bitcoin haul lifts price

Bitcoin climbed back above US$95,000 after Michael Saylor’s Strategy (NASDAQ:MSTR) disclosed a US$1.3 billion Bitcoin purchase, its largest single acquisition since July.

The purchase pushed Strategy’s shares up about 7 percent, reinforcing its reputation as a high-beta proxy for Bitcoin. The company now holds roughly US$66 billion worth of Bitcoin at an average purchase price near US$75,000.

Strategy funded the purchase by issuing more than US$1 billion in new shares rather than tapping existing cash.

The rally was reinforced by a surge in institutional demand, with US-listed spot Bitcoin exchange-traded funds recording their strongest single-day inflows since October.

European crypto exchange Bitpanda targets 2026 Frankfurt IPO

European crypto exchange Bitpanda is reportedly preparing for an initial public offering (IPO) in the first half of 2026, with a potential valuation of up to 5 billion euros.

Bloomberg reported that the Vienna-based firm is said to be eyeing a Frankfurt listing, positioning itself in one of Europe’s deepest capital markets. Founded in 2014, Bitpanda has grown into a major retail platform with more than 7 million users and a dominant share of Austria’s domestic crypto trading activity.

The company has reportedly engaged major investment banks to advise on the deal, though it has yet to formally confirm its IPO plans. A Frankfurt listing would align Bitpanda with a broader trend of European firms prioritizing liquidity and investor depth over traditional UK venues