SunSirs: On September 5th, Demand Was Weak, Leading to a Decline in Lead Prices
September 06 2023 13:44:25 SunSirs (John)
Price trend
On September 5th, the quotation range for 1# lead ingot in the domestic spot lead market was around 16,100-16,250 RMB/ton, with an average price of 16,175 RMB/ton, a decrease of 225 RMB/ton compared to the previous trading day.
Analysis review
On the evening of the 4th, Shanghai Lead led a decline of 2.3%, while in the morning, it continued its overnight trend until the end of the 5th, when the main Shanghai Lead 2310 contract closed down 2.65%. Due to the tight supply of recycled lead in the early stage, Shanghai lead prices had continued to rise, resulting in a large price difference between futures and spot in China. The market was actively trading positions, and there was a significant accumulation of inventory in the domestic society. As of September 5, the price of lead ingots was high, and downstream enterprises were wait-and-see to receive goods. They generally maintained a rigid demand for lead ingots.
Market outlook
Some downstream enterprises have production reduction plans in the future, lacking demand support, and it is expected that the lead ingot market will operate to be weaker in the short term.
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