SMM Lead Ingot Social Inventory Reaches Four-Month Peak, Eyes on Ingot Supply Shifts

SMM Lead Ingot Social Inventory: Social Inventory of Lead Ingots Hits a Four-Month High, Subsequent Focus on Changes in Ingot Supply

At the beginning of the week, the SHFE lead 2503 contract completed delivery, and suppliers transferred to delivery warehouses, which was the main reason for the recent increase in social inventory of lead ingots. Meanwhile, SHFE lead fluctuated upward, with a large price spread between futures and spot prices. Mainstream regions saw cargoes self-picked up from production site at a discount of 200-100 yuan/mt against the SHFE lead 2504 contract, prompting some suppliers to consider further transfers to delivery warehouses.