Social inventories of lead ingots shrank 3,700 mt over weekend

SHANGHAI, Mar 29 (SMM) – Social inventories of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin fell 3,700 mt from last Friday March 26 to 52,500 mt as of Monday March 29, an SMM survey showed. The stocks were down 10,600 mt from last Monday March 22.

According to SMM survey, some downstream enterprises will purchase on demand this week. Lead prices rose to around 15,000 yuan/mt, and cargo holders expanded the quotation discount to actively ship goods. The primary lead bulk list was quoted to the SMM1# lead with an average price discount of 200-0 yuan/mt as of Monday March 29. In addition, Yunnan and Guangxi, two commonly used delivery brands, were under maintenance, and there were no more arrivals in the warehouses, which led to a decline in social inventories of lead ingots.