SHANGHAI, Jan 20 (SMM) - As of January 20, the social inventory of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin was 56,500 mt, up 6,700 mt from January 13 but down 200 mt from January 16.
According to research, most downstream enterprises were on holiday for CNY since this Friday. Coupled with the halted logistics services, the lead market was cold and the transactions were muted. Meanwhile, the deliverable lead ingots gradually arrived at the warehouses for the delivery of SHFE 2301 lead contract at the beginning of this week. As such, the social inventory of lead ingot increased sharply. But the social inventory declined slowly afterwards after some cargo holders delivered their last batch of goods before the logistics services were halted on January 18. After the CNY holiday, the social inventory may increase further due to the longer vacation taken by downstream enterprises.
