Social inventories of lead ingots expanded 2,800 mt over weekend

SHANGHAI, Jun 15 (SMM) – Social inventories of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin rose 2,800 mt from last Friday June 11 to 128,500 mt as of Tuesday June 15, an SMM survey showed. The stocks were up 9,900 mt from last Monday June 7, reaching a high level since May 2015.

According to SMM survey, the lead storage battery market was still in the off-season. Most of the downstream produced according to sales, and purchased raw materials for rigid demand. Lead prices fluctuated at high, which further suppressed the willingness of downstream procurement. At the same time, this week is the time for delivery, and the delivery sources continue to flock to the warehouse, and social inventories of lead ingots continues to increase. In addition, downstream demand for restocking was moderate this week, and some secondary lead refineries planned to resume work, leading to the continuous increase of social inventories of lead ingots.