SHANGHAI, Feb 8 (SMM) – Social inventories of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin expanded 5,200 mt from last Friday February 5 to 41,900 mt as of Monday February 8, an SMM survey showed. The stocks were up 1,700 mt from last Monday February 1.
Most of the downstream lead-acid battery makers already started their Chinese New Year (CNY) holiday, while output at lead smelters fell moderately, and these, combined with the delivery of the SHFE 2102 lead contract last week, contributed to the rise in lead social inventories.
More primary and secondary lead smelters will operate as usual during the CNY holiday, an SMM survey showed, which is likely to further boost inventories.
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