SMM News: spot market: yesterday Shanghai lead prices appeared a further counter-offensive, and after days of rebound, the current downstream battery enterprises before the fear of decline in the mood significantly eased, the actual procurement slightly recovered. In addition, yesterday, the holder rose paste water quotation also appeared a certain price sentiment, so before the relatively weak Shanghai lead pattern, or will temporarily enter the concussion situation.
Inventory status: yesterday is the delivery date, but the previous lead warehouse receipt was 77 tons fell to 18606 tons. Lead prices have rebounded relatively strongly in the past two days, but inventories are still in a relatively high position, and the future market needs to pay attention to the gradual fermentation of expectations that may come with the traditional peak demand season. It is also possible to provide some favorable conditions for the pressing of lead varieties.
Import profit and loss: yesterday, the RMB midpoint was slightly reduced by 39 basis points to 6.8688. as the RMB price weakens, the current import profit window opens slightly. But first of all, such a profit level is not enough to fully cover the reprocessing cost of imported lead ingots, coupled with the current domestic downstream demand is still light, so it does not have the situation to attract a large number of foreign lead ingots.
Price difference between recycled lead and primary lead: the price difference of regenerated refined lead to primary lead was maintained at-50 yuan / ton yesterday, while downstream demand is still relatively light, so the support for both primary and regenerated lead is relatively limited. This time, affected by macro factors, the price of primary lead has dropped obviously, and recycled lead has attracted relatively more procurement due to the gradual shortage of certain waste batteries and the pre-existing price advantage. Therefore, the price difference between primary lead and regenerated lead is reduced.
Cautious bearish, after two days before the Shanghai lead prices of a strong counter-offensive, the current market in the middle and lower reaches of battery enterprises fear of decline refused to mining sentiment has a more obvious relief. However, on the other hand, the current lead stocks are still relatively high, and the market for the next three quarters of demand expectations of the traditional peak season does not seem to be positive, so the current operation is still cautious and short-lived attitude.
Inventory changes in the last period of demand of downstream storage enterprises