SunSirs: Downstream Was in the Off-Season, and Lead Prices Declined (November 27-December 4)
December 05 2023 15:00:34 SunSirs (John)
Price trend
This week, the lead market (11.27-12.4) fluctuated downward, with the average price in the domestic market at 16,210 RMB/ton at the beginning of last week and 15,770 RMB/ton at the beginning of this week, a decrease of 2.71%.
Analysis review
From the monitoring data of SunSirs, it can be seen that the overall trend of the lead ingot market had been weak recently, with the market falling for three consecutive months, and the lead ingot market had seen more declines than increases in recent times.
In the futures market, the recent trend of Shanghai lead had basically returned to the fundamental influencing factors, and the overall decline of Shanghai lead in the off-season of the market. LME's lead inventory had risen to a high of 140,000 tons, putting significant pressure on the market. In terms of supply and demand, enterprises that underwent maintenance in early December will resume work, and the lead ingot market is expected to improve. In terms of demand, downstream enthusiasm was relatively strong in the off-season atmosphere, and the battery industry was mainly actively destocking. The demand for automotive batteries was stable, but the overall operation of electric bicycle batteries was weak, and the overall demand was still weaker.
Market outlook
Overall, as of December 4th, the lead ingot market had loose supply expectations and weak demand. Under the influence of low demand season and high inventory, it is expected that the overall market will operate to be weaker.
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