Lead Ingot Social Inventory Down 1,000 mt over Weekend

SHANGHAI, Dec 13 (SMM) – The social inventory of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin dropped 1,000 mt from December 10 and declined 9,200 mt from December 6 to 119,400 mt as of December 13.

The lead ingot supply varied greatly by region as the environmental protection-related restrictions and maintenance continued to impact the market. The lead ingot inventory in some places continued to decline. Some downstream companies slowed down their purchase as SHFE lead prices moved up quickly, slowing the decline in lead ingot inventory. On the other hand, the traders were more inclined to delivery amid widening futures and spot spread. The approaching delivery date of SHFE 2112 lead also dragged on the declines of lead ingot inventory, and there is also possibility that the inventory could change to an upside trend.