SMM7 March 22: today, Shanghai lead bulls continued to increase their positions, boosting Shanghai lead's main force to record Erlianyang, closing up 1.24% at 15960 yuan / ton. Entering the European and American session, Lun lead quickly pulled up, breaking the upper edge of the range since June 29 this year, and setting a new high of $2374 / ton since July 4, 2018. From a technical point of view, the current trend of too much is gradually taking shape.
The sharp rally was mainly boosted by news that the plant of Berzelius Stolberg, Europe's largest lead smelter, in western Germany had been shut down by flooding.
Fundamentally, LME lead inventories have continued to decline recently, with inventory data released today at 64225 tonnes, the lowest since July 20, 2021, superimposed by news of German refinery shutdowns, raising expectations of tight overseas supply.
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Domestically, road traffic in Henan is gradually recovering today, but the accumulation of lead ingots is still slowing down this week, and lead may run at a high level during the support period. It is expected that Shanghai lead in the night market will follow Lun lead to jump high and enter a new concussion range to run.
Spot market, today the spot price of SMM lead ingots rose again 100 yuan / ton to 15650 yuan / ton, according to SMM research, today's spot market bulk single trading dismal, long order delivery mainly, daytime electrolytic lead and recycled lead discount have a small expansion phenomenon.
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