Core Viewpoint - Lead prices experienced a rise followed by a decline, with the Shanghai lead index closing up 0.08% at 16,944 CNY/ton [1] Market Performance - As of last Friday, the London lead price increased by 12.5 to 1,950.5 USD/ton, with total positions at 148,500 lots [1] - The average price of SMM1 lead ingots was 16,875 CNY/ton, while recycled refined lead averaged 16,850 CNY/ton, resulting in a price difference of 25 CNY/ton [1] - The average price of waste electric vehicle batteries was 10,400 CNY/ton [1] Inventory and Supply - The Shanghai Futures Exchange recorded lead ingot futures inventory at 38,000 tons, while domestic social inventory decreased to 48,800 tons [1] - LME lead ingot inventory stood at 277,900 tons, with 161,300 tons in canceled warrants [1] - The cash-3S contract basis was -21.19 USD/ton, and the 3-15 price difference was -70.3 USD/ton [1] Production and Demand - The primary smelting operating rate was recorded at 66.23%, with primary ingot factory inventory at 13,000 tons [1] - Recycled lead inventory was 76,000 tons, with weekly production of recycled lead ingots at 38,000 tons and factory inventory at 19,000 tons [1] - The operating rate of lead-acid batteries was 73.56% [1] Market Outlook - Overall, lead ore inventory is increasing, primary production remains high, and scrap inventory is limited, leading to pressure on recycling profits and some reduction in output from recycling plants [1] - The lead ingot factory inventory accumulation is faster than previous years due to extended holidays [1] - The mid-term outlook for the Shanghai lead index is expected to fluctuate within the range of 16,300 to 17,800, with short-term lead prices showing a weak oscillation [1]
沪铅：上周冲高回落 中期箱体震荡
Sou Hu Cai Jing·2025-04-27 05:23