SunSirs: As the Holiday Approaching, Lead Prices Fluctuated Narrowly (January 19-26)
January 30 2024 10:21:21 SunSirs (John)
Price trend
This week, the lead market (1.19-1.26) rose first and then fell. The average price in the domestic market was 16,270 RMB/ton last week and 16,240 RMB/ton this week, a decrease of 0.18%.
Recently, the overall trend of the lead ingot market had been weak, with the market falling for three consecutive months. The lead ingot market had seen more ups and downs in recent times.
Analysis review
In terms of the futures market, the market continued to rise until Thursday, and by Thursday, LME inventories had increased, dragging down London lead prices. Shanghai lead was significantly affected and fell on Thursday, continuing to decline on Friday, recovering from the gains of the previous three days. There had been little change in the supply situation during the week, and the overall situation was relatively stable. In terms of demand, some downstream manufacturers were approaching a holiday, and some enterprises were reducing production. The initial stocking demand had been basically consumed. As of January 26th, the overall market trading was relatively light, and the downstream market was about to enter a holiday, lacking demand support, and lead prices declined under pressure.
Market outlook
Overall, it is expected that there will be a pullback in the lead ingot market in the near future, with a weak and volatile trend in the short term.
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