Social Inventory of Lead Ingots Decline Approaching the Delivery of SHFE 2304 Lead Contract

SHANGHAI, Mar 13 (SMM) - As of March 13, the social inventory of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin was 50,200 mt, down 1,500 mt from March 10 and 1,500 mt from March 6.

According to research, approaching the delivery of SHFE 2303 lead contract, the deliverable goods arrived at the warehouses, hence the social inventory of lead ingots increased in Guangdong and Tianjin. A large-scale secondary lead smelter in Anhui carried out maintenance unexpectedly, which tightened the supply of lead ingots. Downstream enterprises generally purchased primary lead for rigid demand, consuming the inventory of lead smelters, especially in Jiangsu, Zhejiang and Shanghai. As such, the social inventory declined. The continuous maintenance of the secondary lead smelters and the tight supply will weigh on the social inventory.