Price Overview - On May 27, the spot price of lead ingots in Shanghai was quoted at 16,625.00 CNY/ton, which is a discount of 200.00 CNY/ton compared to the futures main price of 16,825.00 CNY/ton [1] - The closing price for the main Shanghai lead futures contract on May 27 was 16,825.00 CNY/ton, with a slight decline of 0.09%, reaching a high of 16,850.00 CNY/ton and a low of 16,745.00 CNY/ton during the day [2] Market Dynamics - A lead-zinc smelting plant in a southern region of China underwent temporary maintenance this week, leading to reduced production in the precious metals workshop, with the specific recovery time yet to be determined [2] - As of May 23, the inventory of Shanghai lead futures recorded 48,428.00 tons, a decrease of 7,044.00 tons compared to the previous trading day [2] Supply and Demand Analysis - According to New Lake Futures research, primary lead smelters are maintaining stable production levels, while the treatment charge (TC) for lead ore is on a downward trend [3] - The recycling sector has seen continuous low operating rates for recycled lead smelters due to ongoing losses, but profits are expected to recover as the price of waste batteries declines [3] - The traditional consumption season for lead-acid batteries is currently slow, with dealers holding high inventory levels, leading battery manufacturers to adjust production based on sales [3] - As of this week, domestic social inventory stands at 4.34 tons, with a reduction of 0.69 million tons, indicating a preference for warehouse stock among downstream players [3] - Last week, LME lead inventory saw a significant delivery of 50,000 tons, reaching a nearly 10-year high [3] - Overall, the combination of the off-peak season and weakened support from waste battery prices suggests a potential downward shift in lead prices in the short term [3]
下游淡季 预计短期铅价重心或有下移
Jin Tou Wang·2025-05-27 08:41