SHANGHAI, May 14 (SMM)—Social inventories of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin expanded 17,400 mt from last Friday May 7 to 84,100 mt as of May 14. This was up 14,900 mt from Monday May 10.
Primary and secondary lead smelters resumed production this week, while the lead-acid battery market was still in a traditional low season, with battery makers restocking raw materials only as required. Besides, high lead prices at the start of the week also kept downstream users cautious about purchasing.
The price spread between spot and futures prices expanded as lead futures strengthened, which encouraged traders to deliver cargoes to social warehouses, which led to the sharp rise in social inventories.
Shipments to social warehouses are likely to slow down next week as the delivery of the SHFE 2105 lead contract is over.
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