SHANGHAI, Jul. 24 (SMM) – Primary lead inventory in Shanghai and Guangdong inched up 400 tonnes to 29,400 tonnes last week.
Lead smelters in face of falling prices mainly supplied goods for term-contracts, and few spot transactions were heard. Traders were also inactive in making offers with insufficient inventories. Downstream battery producers mainly purchased secondary refined lead from spot market, in addition to resources from term contracts.
As secondary refined lead price is higher than that of primary lead, some downstream battery producers will return to buy primary lead this week, reducing lead inventory.
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