Social inventories of lead ingots expanded 200 mt over weekend

SHANGHAI, Jun 29 (SMM) – Social inventories of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin rose 200 mt from last Friday June 25 to 125,900 mt as of Monday June 28, an SMM survey showed. The stocks were up 800 mt from last Monday June 21.

According to SMM survey, with the profit recovery, secondary lead refineries completed maintenance one after another, and the supply of lead ingots resumed. However, lead prices in the early stage fluctuated around more than 15,500 yuan/mt, the downstream procurement was cautious, and some of rigid demand flowed to the secondary lead market with increasing social stocks of lead ingot. As some delivery brands of primary lead were under maintenance and the supply recovery was limited, lead ingot stocks only increased slightly. Upstream and downstream enterprises actively withdraw funds from the end of the month to the middle of the year with unbalanced supply and demand, and lead ingot inventories may continue to increase.