[SMM data] the social inventory of lead ingots increases continuously in the primary lead market due to the impact of recycled lead.

SMM July 3: according to SMM, as of Friday, the total inventory of SMM lead ingots in the five places reached 33800 tons, up more than 4000 tons from last week.

It is understood that during the Dragon Boat Festival, part of the lead battery production enterprises have a holiday of 1Mel for 3 days, while the smelter has more normal production, while the lead price has risen all the way after the festival, and the downstream just needs to replenish the warehouse is limited. At the same time, the profits of recycled lead have been gradually repaired, and the discount of recycled refined lead has expanded rapidly. As of Friday, the average price discount for SMM1# lead is 250Mak 350 yuan / ton left the factory, so that the inventory of the electrolytic lead smelter continues to move like a warehouse, and the growth rate is larger than that before the festival. In addition, next week, some primary lead smelters will be overhauled, but the recycled lead discount shows no sign of narrowing for the time being, and electrolytic lead trading is suppressed; the lead contract price spread is widened, the spot discount trade is maintained, and some holders intend to deliver their positions. Social inventory may continue to increase next week.