Social inventories of lead ingots rose 500 mt over weekend

SHANGHAI, Mar 8 (SMM) – Social inventories of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin expanded 500 mt from last Friday March 5 to 58,500 mt as of Monday March 8, an SMM survey showed. This was up about 10,000 mt from last Monday March 1.

Lead prices continued to weaken, and the relative large price spread between spot and futures prices prompted lead smelters to deliver cargoes to social warehouses. Besides, some lead smelters plan to conduct maintenance this week. These are likely to slow the increase in lead social inventories.