[SMM data] the social inventory of lead ingots increases continuously when the goods arrive at the warehouse.

SMM July 17: according to SMM, as of Friday, the total inventory of SMM lead ingots in the five places reached 47700 tons, up 11000 tons from last week.

It is understood that with the end of delivery this week, social inventory has increased significantly, basically in line with the expectations of the previous report. In the first half of the week, because it was on the eve of delivery, delivery goods poured into the warehouse one after another, and in the second half of the week, the delivery of Shanghai lead 2007 contracts was completed, the "soft position" market drew a stop, lead prices gave up their previous increases, while downstream fear of falling and waiting to wait and see, procurement performance was cautious. In addition, after delivery, electrolytic lead smelters began to ship goods one after another, and the discount for bulk goods expanded rapidly. As of Friday, the average price discount for SMM1# lead was 100 yuan / ton. The supply of goods in circulation in the market tends to be relaxed, and the supply of goods in the trade market is still not favored downstream. In addition, next week, as lead prices return to the bottom of the five-year Plan, recycled lead smelters tend to lose money, and the discount of recycled refined lead narrows, or some of them just need to return to electrolytic lead, but at the same time, some refineries in Henan and Yunnan are overhauled. It is expected that the social inventory of lead ingots will still rise.