SMM Lead Outlook: Inventory Buildup Amid Anticipated Recycling Cutbacks Points to Short-Term Price Stabilization

Publicado: Aug 15, 2024 09:00
[SMM Lead Morning Meeting Summary: Coexistence of Accumulation of Lead Ingots and Anticipated Production Reduction at Recycling Plants, Suggesting a Potential Stabilization of Lead Prices in the Short Term] The Consumer Price Index (CPI) in the United States in July basically met expectations, with the year-on-year growth narrowing to 2.9%, and the core CPI growth rate hitting a new low in over three years. However, rental inflation halted its downward trend. In terms of fundamentals, the Shanghai Lead 2408 contract entered into delivery recently, with holders transferring inventories to warehouses before delivery, resulting in a rapid accumulation of visible lead ingot inventories. Meanwhile, some downstream enterprises...

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