[SMM Analysis: Shipments to Delivery Warehouses and Imports Arrive, Social Lead Ingot Inventory Expected to Rise Before Delivery]

SMM Nov 10: According to SMM, as of November 10, the total social inventory of lead ingots across five regions reached 32,700 mt, up 2,500 mt from November 3 and increasing by over 900 mt from November 6.

This week marks the week before the delivery of the SHFE lead 2511 contract. Suppliers have been transferring deliverable lead ingots to social warehouses, leading to a continued rise in social lead ingot inventory. Based on the current open interest of the SHFE lead 2511 contract, the volume of lead ingots required for delivery is estimated at around 15,000 mt. The current social inventory of lead ingots already exceeds 30,000 mt, which is more than sufficient to meet delivery requirements. By mid-November, domestic lead ingot supply is gradually recovering, and imported lead is arriving at ports, with some going directly to downstream enterprises. As the delivery date for SHFE lead approaches, a certain volume of in-transit lead ingots is expected to reach warehouses, and social lead ingot inventory is projected to show an upward trend before delivery.

Data Source Statement: Data not from public sources are processed by SMM based on public information, market communication, and SMM’s internal database model, for reference only and not as decision-making advice.