The lead market (9.3-9.10) fluctuated upward this week. The average price of the domestic market was 14933.33 yuan / ton last weekend and 15066.67 yuan / ton this weekend, with a weekly increase of 0.89%.
On September 11, the lead commodity index was 91.70, the same as yesterday, down 31.57% from the highest point of 134.01 in the cycle (November 29, 2016), and up 22.87% from the lowest point of 74.63 on March 19, 2015. (Note: the period refers to the period from September 1, 2011 to now).
Lun lead showed a “V” trend as a whole this week, fluctuating between us $2250-2310 / ton. At the beginning of the week, driven by the decline of the US dollar index, the metal market generally strengthened. After that, the US dollar index stopped falling and rebounded, and Lun lead was under pressure. At the end of the week, Lun lead hit the bottom and rebounded again driven by the decline of the US dollar index. In terms of inventory, LME inventory is still low. The trend of Shanghai lead was consistent with that of Lun lead, which fell to a low in nearly half a year in the middle of the week.
The spot market basically followed the trend of the futures market this week. The “V” shaped shock trend was the main trend. The social inventory of lead ingots was still on the high side as a whole. The start-up of the smelter remained basically unchanged this week and remained dominated by long-term single customers. The inventory in the plant was normal and the performance of individual orders was poor. The procurement of downstream storage enterprises is limited, and the whole is still not prosperous in the peak season. In terms of recycled lead, due to the strict investigation of environmental protection, the recent commencement is limited.
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According to the price monitoring of the business community, in the list of commodity prices rising and falling in the 36th week of 2021 (9.6-9.10), there are 15 kinds of commodities rising month on month in the non-ferrous sector, including 1 kind of commodity rising by more than 5%, accounting for 4.5% of the monitored commodities in the sector; The top three commodities were metal silicon (7.94%), nickel (4.93%) and aluminum (4.64%). There were three commodities with month on month decline, and the top three products were gold (- 1.53%), silver (- 0.55%) and cobalt (- 0.35%). Both rose or fell by 1.4% this week.
At present, most downstream purchases are based on demand. Under the environment of no improvement in downstream consumption and high social inventory of lead ingots, it is expected that the price of lead ingots will still fluctuate. Near the Mid Autumn Festival holiday, some downstream manufacturers may have stock preparation plans, and the transaction situation may pick up to a certain extent.