SunSirs: Approaching Holidays, Lead Prices Were Weak (January 29-February 5)
February 07 2024 10:46:47 SunSirs (John)
Price trend
This week, the lead market (1.29-2.5) fell first and then stabilized. The average price in the domestic market was 16,240 RMB/ton last week, and 16,110 RMB/ton this week, a decrease of 0.8%.
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
In the futures market, the US dollar strengthened during the week, while London lead fell under pressure. Shanghai lead followed suit at the beginning of the week and remained stable for the time being. Fundamentally speaking, as the Spring Festival approaching, the downstream market has basically completed pre holiday stocking. As of February 5th, the festive atmosphere in the market was strong, with some smelters undergoing maintenance and some companies resuming production. Therefore, there was not much change in the operating rate within the week. In terms of demand, downstream battery companies had entered a holiday, with a significant decline in production and weak demand for lead ingot procurement.
Market outlook
Overall, the market has a strong holiday atmosphere, with actual trading being relatively quiet and the market operating weakly.
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