Social Inventory of Lead Ingots Declines as Pandemic Affects Transportation

SHANGHAI, Dec 2 (SMM) - According to SMM research, as of December 2, the social inventory of lead ingots across five provinces reached 46,400 mt, a decrease of 4,100 mt from last Friday (November 25) and a decrease of 3,900 from Monday (November 28). 
According to research, Jiyuan City, Henan Province experienced pandemic outbreak this week, and the transportation of some vehicles was blocked, which affected the downstream procurement to a certain extent. At the same time, the goods arrived at some social warehouses decreased. In addition, the lead prices remained high during the week. Only SHFE lead fell in the middle of the week. Some downstream companies purchased as needed. Amid the frequent outbreaks of the pandemic, downstream companies preferred to purchase goods from the surrounding areas. Therefore, the social inventory decreased accordingly. Next week, if the pandemic situation in Jiyuan City, Henan Province is alleviated and the transportation resumes smoothly, the goods may be delivered to the deliverable housewares as the delivery of the SHFE 2212 lead contract is approaching.