SHANGHAI, June 24 (SMM) – Social inventories of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin decreased 8,300 mt from last Friday (June 17) and 9,400 mt from last Monday (June 20) to 84,800 mt as of June 24.
According to the survey, the supply of primary lead was further reduced this week. At the same time, many enterprises in Anhui, the main producing area of secondary lead, were in production reduction and suspension. Therefore, the supply in different regions was diverged and the warehouses in Jiangsu and Zhejiang fell as the downstream mainly purchased nearby as needed. In addition, as the lead prices dropped after hitting the high level and the futures-spot spread expanded to around 200 yuan/mt, some cargo holders tended to hedge. SMM will pay further attention to Cargo holders.
