LME Asian session brief: At opening, LME lead 3M showed a trending upward on, with steady buying interest. Prices opened at $1,927–1,928/t, briefly softened, then rose to an intraday high of $1,941.5/t before consolidating around $1,935/t, resist at higher levels, ending up at increase of $9.50. Overall, sentiment was mildly bullish.
Highlights of Western Asian and SEA lead-acid battery market: Lead battery market recently has not yet been impacted by shortage of remelted lead, thanks to the safety net of long-term contracts. Current long-term contracts for 99.985 lead priced at a premium of $80-100 over the LME price. As the shortage of remelted lead is expected to gradually tighten in mid-long term, this will be putting pressure on the profit margins of battery companies.
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