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Will the rise in raw material costs support or stabilize lead prices?

Oil prices declining and pressure on risk assets, London lead prices surged but later retreated, closing down by 0.24% overnight. Post-holiday lead ingot trading remained limited, but the rising costs of raw materials like scrap batteries and lead concentrates provided strong support, potentially stabilizing lead prices today.

Overnight, London lead prices initially surged, opening at $2,099.5 per ton, reaching a high of $2,118.5, and dropping to a low of $2,086. The closing price was $2,086.5, down by $5 or 0.24%. Trading volume decreased by 2,187 lots to 5,832 lots, while open interest increased by 290 lots to 142,381 lots. In the evening, the lead futures contract 2311 on the Shanghai Futures Exchange also surged and then quickly retreated, closing at ¥16,325 per ton, down by ¥25 or 0.15%.

Lead price outlook for October 9th: Unexpected rebound in U.S. September PPI inflation, Federal Reserve officials unanimously agreeing to proceed cautiously with rate hikes, the U.S. dollar index surging before retreating to a two-week low. However, oil prices gave back gains following Middle East tensions. London lead prices surged but later retreated, closing down by 0.24% to $2,086.5.

Primary lead smelters have started winter storage of lead concentrates, and the tight supply of raw materials has supported the rebound of recycled lead. As delivery day approaches, lead ingots stockpiled by smelters are gradually moving to exchange warehouses, creating expectations of an increasing trend in accumulated stocks. Post-holiday spot trading remained limited. Still, the rising costs of raw materials such as scrap batteries and lead concentrates provide strong support. As a result, it is expected that lead prices will remain stable today.

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