SHANGHAI, Aug 15 (SMM) - As of August 15, the social inventory of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin was 75,300 mt, up 5,300 mt from last Friday (August 12) and 13,300 mt from last Monday (August 8).
According to SMM research, all the deliverable goods were shipped to the social warehouse last weekend before the delivery date of SHFE 2208 lead contract, hence the social inventory further increased, especially in Zhejiang and Shanghai. Meanwhile, as the lead prices fell after surging, SHFE/LME price ratio remained at around 7 and the export of lead ingots was still profitable. In this scenario, market should pay attention to the export of lead ingots in the follow-up after the futures contract delivery is over.