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Social inventories of primary in Shanghai, Guangdong lead decline after delivery

iconDec 21, 2018 16:34
Source:SMM
Stocks across Shanghai and Guangdong decreased by 2,400 mt over the week ended Dec 21 and stood at 21,600 mt

SHANGHAI, Dec 21 (SMM) – Social inventories of primary lead across Shanghai and Guangdong decreased by 2,400 mt over the week ended December 21 and stood at 21,600 mt, SMM data showed.

About 15,000 mt of cargoes were delivered for the SHFE December contract, up some 10,000 mt from the November contract as spot discounts against prices of futures amid sluggish trades prompted traders to put their cargoes on warrants.

After the December contract expired at the start of this week, domestic materials have yet to enter the physical market and social stocks across Shanghai and Guangdong declined on downstream purchases.

For the same week, overall stocks across China rose some 8,000 mt from substantial gains in Zhejiang, Jiangsu and Tianjin.

Most primary lead smelters sold in discounts as they were keen to cash in by the year-end. Secondary lead smelters also offered in deep discounts.

The end of the year drove large downstream consumers to rein in stocks and purchase on demand.

Inventory data
Lead
Primary lead

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