SHANGHAI, Feb 10 (SMM) - According to SMM research, as of February 10, the total social inventory of SMM lead ingots Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin reached 53,800 mt, a decrease of 2,800 mt from last Friday (February 3) and an increase of 2,400 mt from this Monday (February 6).
According to research, the supply and demand of lead ingots both increased amid the recovering lead industry. The inventory of lead ingots was digested amid the rigid downstream demand. Most smelters expanded the discounts of small orders to 100-0 yuan/mt against the average price of SMM 1# lead ingot. In light of wide price spread between spots and futures, traders were active in delivering and quoted in discounts of 250-200 yuan/mt against SHFE 2303 lead contract. As such, the social inventory increased in the second half of the week. Considering the delivery of SHFE 2302 lead contract on February 15, the subsequent social inventory of lead ingots may increase further.
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