Social inventories of lead ingots rose 3,700 over weekend

SHANGHAI, Apr 12 (SMM) – Social inventories of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin expanded 3,700 mt from last Friday April 9 to 61,000 mt as of Monday April 12, an SMM survey showed. This was up 4,900 mt from last Tuesday April 6.

A traditional low season in the lead-acid market dampened battery makers’ enthusiasm for feedstock procurements. Meanwhile, lead prices continued to weaken, with spot cargoes mostly traded at discounts of more than 100 yuan/mt. As it approaches the delivery date of the SHFE 2104 lead contract, traders have delivered cargoes to social warehouses, which resulted in the rise in lead social inventories. Although environmental inspections continue in Jiangxi and Guangdong, overall lead supply was barely affected.