Lead price stood at ,962 per ton
Following a 0.3% increase, the spot price of lead today, September 16, reached ,962.0 per ton, marking its highest level in the past week. Concurrently, the rise in futures rates pushed the futures price to a seven-day record, settling at ,006.0 per ton. The price change on this date was within typical daily fluctuations and does not signal a major shift. According to the Public Relations of the Iran Lead and Zinc Industries Association, citing "FelezatOnline," lead on the London Metal Exchange (LME) spot market was valued at ,962.0 per ton on September 16. This represents a 0.3% increase compared to the previous day, September 12. However, the spot price was ,942.5 per ton a week ago, indicating a .5 per ton or 1.0% increase over the past week. While spot transactions are typically for physical delivery within a few days, futures transactions are used to hedge against market volatility.
Following the upward trend in the spot market, "FelezatOnline" analysis shows that lead futures also increased on September 16, rising by approximately 0.3% to reach ,006.0 per ton. A week ago, the lead futures price was ,987.0 per ton, which shows a 1.0% increase over the past week. When lead inventory in LME warehouses decreases, the market generally anticipates a potential rise in demand or a drop in supply, which can drive up prices. Conversely, if inventories increase, market participants may suspect weakening demand or slow delivery, which could cause prices to fall. Therefore, evaluating warehouse inventories is as crucial as daily prices. According to official statistics, LME lead inventories stood at 225,625 tons on September 16, experiencing a 1.7% drop on a daily basis and a 5.7% decline over the past week, as assessed by "FelezatOnline." It is important to note that when the spot price is lower than the futures price, it indicates a market in a "contango" state. An analysis of data from September 16 reveals that the gap between the spot price and three-month futures contracts for lead on the LME reached .0 per ton. This gap has widened by approximately .0 per ton compared to the previous day's prices. The contango state in the lead market continued on September 16, with no change in the pricing structure. A review of the market trend over the past three days shows that lead has been trading in a contango state, with spot prices on an upward trend while LME warehouse inventories have been decreasing. Based on the available information, it is likely that the current state of the lead market is due to either an "expectation of price growth" or a "temporary increase in demand." The price increase for lead spot contracts since early August occurred on August 7, when the spot price for the metal rose to ,974.0 per ton. Notably, on the same date, the lead futures price also reached its peak for this period, at ,009.0 per ton. Conversely, the lowest lead spot price on the LME between early August and September 16 occurred on August 5, at ,919.5 per ton. The lowest lead futures price in this period was on August 1, at ,965.0 per ton. Furthermore, according to the chart, the largest price difference between lead spot and futures transactions occurred on August 18. On this date, the market was in a state of contango, and the gap between spot and futures prices reached .0 per ton, according to "FelezatOnline."
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