SHANGHAI, Dec 6 (SMM) – Inventories of lead ingots in China rose for a second straight week, showed SMM data, as further declines in lead prices deterred downstream consumers from buying and traders from selling.
SMM data showed that lead social stocks across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin rose over 1,000 mt from a week earlier to 38,200 mt as of December 6, after an increase of 1,600 mt in the previous week.
Lead prices extended their declines, with a lower support level of secondary lead costs as prices of battery scrap fell as well. This boosted risk aversion sentiment across the market, and muted spot trades.
Smelters continued to deliver their cargoes to social warehouses, lifting lead social inventories.
Downstream consumers are likely to remain cautious about procurement next week, while primary lead smelters are stepping up production for higher profits as treatment charges for lead concentrate rose in some regions.
Changes in costs for secondary lead and the impact on supply will remain the determinant of the lead social inventories.
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