According to reports, as of December 4, the in-factory inventory of primary lead delivery brands reached 11,900 mt, a WoW increase of 2,800 mt.
This week, primary lead smelters underwent maintenance, limiting the circulation of delivery brand supplies in some regions. Meanwhile, due to the advantage of shorter transportation distances, downstream enterprises continued to favor sourcing from social warehouses, leading to a further rise in in-factory inventories at some smelters. Additionally, with the recent increase in lead prices, downstream enterprises' purchasing enthusiasm weakened. As next week marks the week before the delivery of the SHFE lead 2512 contract, if the spread between futures and spot prices widens further, suppliers may consider moving inventory to delivery warehouses. Otherwise, the situation will depend on actual consumption.
