This week, the lead market (8.27-9.3) fluctuated and fell. The average price of the domestic market was 15358.33 yuan / ton last weekend and 14933.33 yuan / ton this weekend, down 2.77% this week.

On September 4, the lead commodity index was 90.88, the same as yesterday, down 32.18% from the highest point of 134.01 in the cycle (November 29, 2016), and up 21.77% from the lowest point of 74.63 on March 19, 2015（ Note: the period refers to the period from September 1, 2011 to now).

This week, the Shanghai lead 2110 contract hit a low of 14865 yuan / ton in recent five months, with four consecutive negative days. At the weekend, the market rebounded slightly due to the correction of the US index. There is still a large difference in inventory at home and abroad. As of September 3, there were 52550 tons in LME lead warehouse, which broke the low of 52250 tons in recent 13 years in the week. The domestic inventory in the previous period rose to 195435 tons, continuing to hit a new high.

Under the shock of the spot market this week, the main bank rose slightly on Friday, and the social inventory of lead ingots still rose as a whole. The operating rate of the smelter is temporarily stable. At present, it is still dominated by long order customers. The inventory in the plant is normal and the performance of individual orders is poor. The downstream peak season is still expected, and the performance has not improved significantly this week. At present, the consumption of lead-acid battery market is stable, and the lead ingot is mainly purchased on demand.

According to the price monitoring of the business community, in the list of commodity prices rising and falling in the 35th week of 2021 (8.30-9.3), there are 7 kinds of commodities rising month on month in the non-ferrous sector, including 2 kinds of commodities rising by more than 5%, accounting for 9.1% of the monitored commodities in the sector; The top three commodities were silicon (11.11%), magnesium (9.88%) and titanium concentrate (2.11%). A total of 10 commodities fell month on month, and the top three products were praseodymium neodymium alloy (- 1.99%), lead (- 1.97%) and praseodymium neodymium oxide (- 1.07%). The average rise and fall this week was 0.83%. The nonferrous metal market fell more or rose less 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.