Poor trading enthusiasm, lead prices remain volatile

20241010:Poor trading enthusiasm, lead prices remain volatile

Author: z Release time: 2024-10-12 08:35:39 View number: 53

Lead market analysis:

In terms of spot goods, the LME lead spot premium is -48.87 US dollars per ton. The spot price of SMM1 # lead ingots decreased by 100 yuan/ton to 16550 yuan/ton compared to the previous trading day. The SMM Shanghai lead spot premium increased by 25 yuan/ton to -25 yuan/ton, the SMM Guangdong lead spot premium decreased by 40 yuan/ton to -290 yuan/ton, the SMM Henan lead spot premium decreased by 15 yuan/ton to -315 yuan/ton, and the SMM Tianjin lead spot premium decreased by 40 yuan/ton to -190 yuan/ton compared to the previous trading day. The price difference of lead concentrate waste remained unchanged from the previous trading day at -75 yuan/ton, the price of waste electric vehicle batteries remained unchanged from the previous trading day at 9925 yuan/ton, the price of waste white shell remained unchanged from the previous trading day at 9625 yuan/ton, and the price of waste black shell increased by 50 yuan/ton to 10000 yuan/ton from the previous trading day.
In terms of futures: On October 9th, the main contract for Shanghai lead opened at 16825 yuan/ton, closing at 16745 yuan/ton, a decrease of 220 yuan/ton from the previous trading day. 59968 contracts were traded throughout the day, an increase of 4552 contracts from the previous trading day. The position held during the day was 45675 contracts, a decrease of 443 contracts from the previous trading day. The price fluctuated during the day, with the highest point reaching 16960 yuan/ton and the lowest point reaching 16740 yuan/ton. In terms of night trading, the main contract for Shanghai lead opened at 16665 yuan/ton and closed at 16615 yuan/ton, down 130 yuan/ton from yesterday's afternoon closing.

As market optimism fades, the non-ferrous sector has experienced a high-level decline and consolidation. The trading enthusiasm of lead market traders is poor, and downstream procurement remains cautious. Considering factors such as inventory transfer before delivery, it is expected that the social inventory of lead ingots will continue to increase in the future. On the supply side, domestic processing fees remain low, and the tense situation of mineral resources remains unchanged. The primary lead testing and refining enterprises have basically ended, while the recycling and refining enterprises have expectations of resuming production, and the supply of lead ingots may increase. In terms of consumption, considering the frequent occurrence of favorable policies, attention should be paid to the boost of downstream terminal production confidence and the degree of realization of consumption recovery.

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20241010:Poor trading enthusiasm, lead prices remain volatile

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