SHANGHAI, Feb. 19 (SMM) – Primary lead inventories in Shanghai and Guangdong grew by nearly 10,000 tonne from the Chinese New Year holiday to this week, the largest gain in 5 years and following by 2013, SMM learnt.
Lead smelters maintained normal operation during holiday while downstream purchase was limited, growing inventories.
Additionally, SHFE 1602 lead once climbed to 15,515 yuan per tonne due to short squeeze and thus lead sellers including producers rushed to deliver goods to warehouses. Warrants surged by 4,536 tonnes before the delivery of SHFE 1602 lead, data from SHFE showed.
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