Primary lead inventory shrinks 1,100 mt in Shanghai, Guangdong

SHANGHAI, Jul 13 (SMM) – Primary lead inventory in Shanghai and Guangdong shrank 1,100 mt from a week ago to stand at 7,700 mt as of Friday July 13, as traders were unwilling to restock on plunging lead price. 

While the delivery date approaches, the SHFE 1808 contract stayed around 1,000 yuan/mt lower than the 1807 contract. This also deterred traders from purchasing. 

Domestic and imported cargos were depleted gradually by downstream over the week. However, suspension at lead-acid battery plants near Guangdong, on environmental ground, accounted for 1,500 mt of increase in primary lead stock in the province.