Electrolytic lead inventory at warehouses designated by London Metal Exchange (LME) keeps uptrend. The global inventory increased by 1,300 tonnes on October 22nd from the previous day and reached 130,000 tonnes for the first time since December 2003. Despite of the inventory increase, LME lead price is surging to US$ 2,400-2,500 per tonne at present, as high as in September.
LME lead inventory is currently increasing in Europe, especially at quays in Netherlands, Italy and Belgium. In USA, the current inventory was 38,000 tonnes in Detroit, 19,125 tonnes in Long Beach and 11,075 tonnes in Baltimore, the sum of those which accounts for about 50% of the global LME lead inventory. US inventory shows no sign to decrease due to surplus supply against low demand from automotive batteries. In Asia, LME lead inventory stays at the very low level except for 550 tonnes in Singapore. Asian inventory keeps below 1,000 tonnes since the beginning of this year. This supply tightness is a recent positive factor for LME lead price despite of high inventory in USA and Europe.Japan Steel Scrap Composite Prices (Sangyo Press)
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