Price trend

This week, the lead market (1.15-1.22) rose overall, with the average price in the domestic market at 16,085 RMB/ton at the beginning of last week and 16,370 RMB/ton at the beginning of this week, up 1.77%.

The recent market trend had been generally weak, with the market falling for three consecutive months, and the lead ingot market had seen more gains than losses in recent times.

Analysis review

The social inventory of lead ingots had been continuously declining recently, dropping to a low level within three years, boosting the futures market. Recently, lead prices had been more affected by supply and demand. In terms of supply, the mining supply was still tight, and some primary lead enterprises had recently resumed production. Some enterprises planed to conduct a review after the year, and the overall operating rate had not changed much. Recycled lead enterprises had been affected by high prices of waste batteries and tight supply, resulting in overall low production in recent times. Overall, the supply of lead ingots in the market was slightly tight, and downstream storage enterprises still had some stocking demand. They actively entered the market for inquiries, and the market atmosphere was good. In terms of demand, downstream enterprises are gradually entering the holiday season, and the market is expected to start lower in the future. The demand for stocking is almost coming to an end, and demand support is expected to be weaker in the future.

Market outlook

Overall, although the lead ingot market still had positive support from the supply side, downstream purchasing intentions were slowly falling, and it is expected that there will be significant resistance to further rise in the short term. There may be room for a pullback in the market after stocking up, and the short-term trend will remain volatile and weaker.

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