SHANGHAI, Oct 19 (SMM) – Social inventories of primary lead across Shanghai and Guangdong increased by some 4,300 mt from October 12 to stand at 12,400 mt as of Friday October 19, SMM data showed.
Weaker downstream demand from lead-acid battery plants accounted for the increase. As lead prices fell over the week, battery plants became more cautious in purchasing, and showed greater interest in secondary refined lead as its offers stood at a deep discount of 300-200 yuan/mt ex-works over SMM #1 lead as of Friday.
Cargoes entered the spot market after delivery on October 15 and this also grew social stocks.
