SHANGHAI, Jan 3 (SMM) - As of January 3, the social inventory of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin was 38,900 mt, up 700 mt from December 30 but down 7,000 mt from December 26.
According to research, during the New Year's Day holiday, lead smelters produce normally while downstream enterprises have a few holidays. Coupled with the recent high and volatile lead prices, downstream enterprises were not motivated to purchase, hence the social inventory of lead ingots stopped declining. In addition, the current price difference between futures and spots was wide and remained at 200-500 yuan/mt, which prompted the cargo holders to deliver their goods. Some holders began to deliver after New Year’s Day holiday as the transportation may be blocked amid the approaching Chinese New Year. In addition, the market should pay attention to the exports. The profits of exports of lead ingots are nearly 1,000 yuan/mt as the strong overseas lead prices and weak domestic prices. There may be exports before the Chinese New Year. It is expected that the social inventory of lead ingots will increase slowly.
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