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[SMM Weekly selected] lead ingot social inventory accumulation fundamentals are weak and lead prices are expected to fall back.
Jul 4,2020 10:09CST
translation
Source:SMM
[lead ingot social inventory accumulation fundamentals are weak and high lead prices are expected to fall] on lead fundamentals, the market is expected to deliver nearly 20,000 tons of goods, the smelter's current spot discount is gradually expanding, and social inventory continues to accumulate. From the traditional trading logic of lead, the fundamentals of lead are relatively weak, but due to the low precipitation funds and serious capital control, it is not ruled out that the main funds will continue to enter the market to drive up prices in the short term, so from the perspective of lead fundamentals, At present, the high position is more likely to fall back.
The content below was translated by Tencent automatically for reference.

"SMM lead Industry chain Weekly report" released, the weekly report SMM will select the hot topics, prices, market or major changes in the industry chain information released into a document for your reference.

The following is an excerpt from the weekly report of SMM lead industry chain:

Lead city forecast next week: lead fundamentals, the market is expected to deliver nearly 20,000 tons, smelters currently spot discount gradually expand, social inventory continues to accumulate, from the traditional trading logic of lead, lead fundamentals are relatively weak, but because lead precipitation funds are low, capital control is serious, the short-term does not rule out the main funds to continue to enter the market to drive up prices, so from the perspective of lead fundamentals, the current high level is more likely to fall.

Primary lead market: it is understood that during the Dragon Boat Festival, the holiday of some lead battery production enterprises varies from 1 to 3 days, while most smelters produce normally. At the same time, lead prices rise all the way after the festival, and the downstream just needs to replenish the stock is limited, while the profits of recycled lead are gradually repaired, and the discount on recycled refined lead expands rapidly. As of this Friday, the average price discount for SMM1# lead is 250m / t. As a result, the inventory of the electrolytic lead smelter continues to be transferred to the warehouse. And the increase is larger than that before the festival. In addition, next week, some primary lead smelters will be overhauled, but the recycled lead discount shows no sign of narrowing for the time being, and electrolytic lead trading is suppressed; the lead contract price spread is widened, the spot discount trade is maintained, and some holders intend to deliver their positions. Social inventory may continue to increase next week.

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Catalogue of "SMM lead Industry chain Weekly report" in this issue

Key points of this week's report: operating rate of primary lead regenerated lead-lead battery

Forecast for next week: lead ingot social inventory accumulation fundamentals are weak and lead prices are expected to fall back.

SMM lead data: lead concentrate TC Shanghai and Guangdong lead inventory LME inventory

Lead concentrate market

Primary lead: social inventory may continue to increase next week

Profit analysis of recycled lead: the profit of reduced lead smelter is 100 yuan / ton.

Recycled refined lead market

Alloy lead market: fear of high and careful mining of alloy lead downstream

Lead-acid battery market: the lower reaches just need to purchase and gradually shift to the recycled lead market.

Silver-sulfuric acid

Futures and import and export markets

Hot spots in the industry

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[China lead Industry chain High-end report] China lead Industry chain monthly report includes macro interpretation, monthly lead price review, interpretation of hot events in various sections of the lead industry chain (ore, primary lead, recycled lead and lead battery), future forecasts, and simultaneous release of monthly lead concentrate, primary lead, recycled lead and lead battery enterprise operating rate and inventory survey, lead concentrate monthly balance, lead monthly balance and other data. Covers the entire lead industry chain.

[China lead Industry chain routine report] China lead Industry chain Weekly report includes a macro interpretation, a review of lead prices within the week, market trends in various sections of the lead industry chain (primary lead, recycled lead and lead batteries), weekly social inventory of lead ingots, and future forecasts, and focuses on the analysis of lead concentrate TC, refined waste price difference, recycled lead profits, etc., and a comprehensive interpretation of the lead market during the week.

"apply for free access to the SMM metal industry chain database

Catalogue of "SMM lead Industry chain Weekly report" in this issue

Key points of this week's report: operating rate of primary lead regenerated lead-lead battery

Forecast next week: the inventory base is low & the refinery overhaul is supported by the Wansi pass at the bottom of Shanghai lead.

SMM lead data: lead concentrate TC Shanghai and Guangdong lead inventory LME inventory

Lead concentrate market

Primary lead: the inflow of imported lead will become the primary concern for the subsequent accumulation of lead ingots.

Recycled lead market: the profits of recycled lead enterprises have not been significantly repaired.

Profit Analysis of recycled lead: reduction lead smelting is still difficult to make a profit

Recycled refined lead market

Alloy lead market: enterprises purchase alloy lead on demand

Lead-acid battery market: trading in the spot market remains sluggish, especially in the trading sector.

Silver-sulfuric acid

Futures and import and export markets

Hot spots in the industry

Scan the QR code application report for free and join the SMM copper industry chain exchange group

[China lead Industry chain High-end report] China lead Industry chain monthly report includes macro interpretation, monthly lead price review, interpretation of hot events in various sections of the lead industry chain (ore, primary lead, recycled lead and lead battery), future forecasts, and simultaneous release of monthly lead concentrate, primary lead, recycled lead and lead battery enterprise operating rate and inventory survey, lead concentrate monthly balance, lead monthly balance and other data. Covers the entire lead industry chain.

[China lead Industry chain routine report] China lead Industry chain Weekly report includes a macro interpretation, a review of lead prices within the week, market trends in various sections of the lead industry chain (primary lead, recycled lead and lead batteries), weekly social inventory of lead ingots, and future forecasts, and focuses on the analysis of lead concentrate TC, refined waste price difference, recycled lead profits, etc., and a comprehensive interpretation of the lead market during the week.

Weekly report
lead price
price forecast
inventory
output
processing fee

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For more information on how to access our research reports, please email service.en@smm.cn

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