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The SHFE’s most-traded October lead contract stood at 20,540 yuan ($3,134) per tonne as of 03:25 BST, up by 720 yuan or 3.6% compared with the previous day’s close.
Deliverable lead stocks at SHFE-listed warehouses fell by 13,282 tonnes or 44.4% last week to stand at 29,850 tonnes as of Friday September 15.
The declining stocks have further exacerbated supply tightness amid continuing nationwide environmental inspections in China.
“The supply tightness in lead has not eased as yet. Although the short-term recovery of [London Metal Exchange] stocks put some pressure on lead prices, spot premiums still moved higher and now SHFE lead stocks have fallen quickly – the cycle continues,” Galaxy Futures noted.
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