SHANGHAI, Mar 11(SMM)–Social inventories of lead ingots across five Chinese markets stood at 122,100 mt, up 15,400 mt from Mar 4 MoM and 12,900 mt from Mar 7, hitting a historical high within three months.
According to research, under the influence of Russia-Ukraine conflict and capital changes, SHFE lead rose sharply, during which SHFE 2204 lead surged to 16,465 yuan/mt (SHFE 2203 lead was as high as 16,360 yuan/mt), while the downstream enterprises tended to wait and see. Spots were generally shipped at a large discount. The absolute price had been within 15,500 yuan/mt, and the price spread between futures and spots exceeded 300 yuan/mt. Considering the price advantage, the stockholders had accelerated their delivery, and the social inventory of lead ingots increased by more than 10,000 yuan/mt. In addition, SHFE 2203 lead will be delivered next week, and the delivery sources will arrive at the stock one after another. The social inventory of lead ingots still has a rising trend.
