SHANGHAI, Jun. 23 (SMM) – Primary lead inventory in Shanghai and Guangdong dropped by 5,100 tonnes to about 34,000 tonnes this past week.

Lead smelters and distributors sold limited goods at high premiums early the week as SHFE 1707 lead advanced steadily, and downstream battery producers were active in stock-building with optimistic outlook. As such, outflows were much higher than inflows.

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However, SHFE 1707 lead dropped slightly on June 23. Trader gave offers positively and premiums of traded price narrowed. Downstream battery producers, fearing price to fall, reduced raw material purchase interest.

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As such, inventory will be stable, or inch up in the coming week.

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