SHANGHAI, Oct 12 (SMM) – Social inventories of primary lead across Shanghai and Guangdong increased by some 200 mt from September 28 to stand at 8,100 mt as of Friday October 12, SMM data showed.
For the same period, stocks across warehouses in Jiangsu and Zhejiang rose some 500 mt and stocks across all Chinese social warehouses climbed to 13,700 mt.
While downstream consumption was robust in the first week after the week-long National Day break, stocks grew as most smelters maintained normal operation during the break.
Some consumers have yet to deplete feedstock that they stockpiled before the break. Arrival of seaborne materials also grew supply in the market.
SMM expects primary lead stocks to extend their gains next week as some resources enter the spot market after delivery. Consumption is expected to remain upbeat and this is likely to limit the growth in inventory.
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