Lead ingot social inventory across five major regions in China

According to SMM survey, the lead ingot social inventory across five major regions in China totalled 62,500 mt as of April 11, up 8,900 mt from April 3 and 7,000 mt from April 8.

According to research, LME lead prices rose sharply last week, driving up the SHFE lead price. Spot market trades were relatively quiet. The price spread between futures contracts and spot cargoes stood at around 300 yuan/mt, prompting a surge in enthusiasm for delivery. The deliverable goods gradually arrived at social warehouses as the delivery date of SHFE 2404 lead contract neared. Therefore, the lead ingot social inventory increased as expected. There is likely to be social stock accumulation driven by the delivery of the SHFE 2404 lead contract this week.