Weekly SHFE Lead Price Forecast (Apr 10-14, 2023)

SHANGHAI, Apr 10 (SMM) – On the one hand, more primary and secondary lead smelters carried out maintenance in April. On the other hand, the off-season of lead-acid battery market intensified. Supply reduction was mainly caused by lower output of deliverable brand primary lead. Falling lead ingot social inventories may drive lead prices to rebound in the short term. With the delivery of SHFE 2304 contract drawing near and secondary lead supply recovering, lead ingot social inventory is likely to drop at a slower pace or even build up, which will cap gains of lead prices.

The most-traded SHFE lead contract is expected to move between 15,200-15,400 yuan/mt this week.