Delivery Approaching, Lead Ingot Social Inventory Hits New Yearly High Again [SMM Survey]

According to an SMM survey, as of November 14, the total social inventory of lead ingots in five regions reached 84,300 mt, an increase of 6,500 mt compared to November 7, and an increase of 5,200 mt compared to November 11.

The survey indicated that lead prices fluctuated upward this week, with SHFE lead even surging to 17,295 yuan/mt at one point. Many suppliers stood firm on quotes, but downstream enterprises were cautious due to high prices, with some primarily purchasing through long-term contracts. Additionally, the SHFE lead 2411 contract is expected to enter delivery tomorrow, prompting suppliers to transfer inventory to warehouses, continuing the increase in social warehouses. Furthermore, with the rise in lead prices, the profit margin for secondary lead has recovered, and smelters have gradually resumed production. Coupled with the lifting of warnings in regions such as Hebei and Henan, lead ingot supply may see a temporary increase next week, making it difficult for social inventory to change its upward trend.