The lead market (8.27-9.3) fluctuated and declined. The average price in the domestic market was 14,933.33 yuan/ton over the weekend, down 2.77% on the week.

On September 4, the lead commodity index was 90.88, which was 32.18% lower than the cycle high of 134.01 points (2016-11-29), and 21.77% higher than the lowest point of 74.63 on March 19, 2015. (Note: Period refers to 2011-09-01 to present).

The Shanghai Lead 2110 contract hit a low of 14,865 yuan/ton in the past five months, for four consecutive overcast periods, and was boosted by the correction of the U.S. index during the weekend, and the market rebounded slightly. In terms of inventory, there are still large differences between domestic and foreign. As of September 3, the LME lead inventory was 52,550 tons, which was a 13-year low of 52,250 tons within a week. The domestic Shanghai Futures Exchange's inventory rose to 195,435 tons, continuing to set a new high.

The spot market fluctuated and declined last week, and it rebounded slightly last Friday. The social inventory of lead ingots continued to rise as a whole. The operating rate of the smelter is temporarily stable, and the long-term order customers are still maintained. The inventory in the factory is relatively normal, and the performance of scattered orders is poor. The downstream peak season is still expected, and there is no significant improvement in performance last week. At present, the lead-acid battery market has stable consumption and purchases on-demand. Lead ingot purchases are mostly based on long-term orders.

In the 35th week of 2021 (8.30-9.3), there are 7 commodities in the non-ferrous sector that have increased month-on-month in the commodity price list. Among them, there are 2 commodities that have increased by more than 5%, accounting for 9.1% of the number of monitored commodities in this sector; The top 3 commodities are metallic silicon (11.11%), magnesium (9.88%), and titanium concentrate (2.11%). There were 10 products that dropped from the previous month. The top 3 products were neodymium praseodymium (-1.99%), lead (-1.97%), and neodymium praseodymium oxide (-1.07%). The average increase and decrease last week was 0.83%. The non-ferrous metals market fell more and rose less last week.

At present, downstream purchases are mostly on-demand. In an environment where downstream consumption has not improved and the social inventory of lead ingots is high, it is expected that the price of lead ingots will continue to fluctuate.

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