The Social Inventory of Lead Ingots Reached a 5-Month High Due to Warehouse Transfers and Deliveries, with Future Focus on New Capacity and Environmental Protection [SMM Survey]

According to SMM survey, as of October 17, the total social inventory of lead ingots in five regions reached 75,900 mt, an increase of 15,800 mt compared to October 10, and an increase of 7,800 mt compared to October 14, setting a new high for nearly five months.

According to the survey, this week coincided with the delivery of the SHFE lead 2410 contract, and the warehouse transfers and deliveries by holders were the main reasons for the increase in the social inventory of lead ingots. At the same time, both primary lead and secondary lead smelters increased production this week (resumption after maintenance and new capacity commissioning), leading to a phased increase in lead supply. During this period, although some smelters underwent unexpected maintenance and there were environmental inspections in Anhui, these did not change the trend of the increase in the social inventory of lead ingots. Next week, with the delivery factors removed, the warehouse transfer actions by holders may decrease. Meanwhile, we need to pay attention to the release of new capacity and the progress of environmental inspections in Anhui.