The lead market (11.12-11.19) continued to decline this week. The average price of the domestic market was 15500 yuan / ton last weekend and 14818.75 yuan / ton this weekend, down 4.4% this week.

The commodity price K-bar chart uses the concept of K-line of price trend to reflect the weekly or monthly price changes in the form of bar chart. Investors can buy, sell and invest according to the changes of K-bar chart. Red means: rising; Green means: falling; The height of K column indicates the range of rise and fall. As shown in the figure above, the lead price has continuously maintained weak operation in recent one month.

The high level of Lun lead fell this week, and the mainstream range is between 2123-2218 US dollars / ton. At the beginning of the week, the trend of Lun lead was boosted by the low LME inventory. Later, with the continuous rise of the US dollar, the metal market was generally under pressure, and the price of Lun lead was dragged down. Shanghai lead fell continuously during the week, and the trend continued to be weak this week under the influence of the market.

The trend of domestic spot lead price mainly follows the trend of Shanghai lead, and it also continued to decline this week. The original lead manufacturers gradually resume production, but some manufacturers are still under maintenance. The recovery of primary lead enterprises is good, and the overall supply side is good. At present, the downstream is purchasing on demand, and the social inventory is still high. The impact of power rationing policy has been ignored. The demand of storage enterprises has recovered well recently, and the supply and demand has improved. However, the high overall inventory is still the main factor restricting the rise of lead price. In the past month, under the restriction of demand recovery but high inventory, the lead price has continued to fluctuate weakly.

According to the price monitoring of the business community, in the list of the rise and fall of bulk commodity prices in the 46th week of 2021 (11.15-11.19), 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 magnesium (11.27%), metallic silicon (5.84%) and tin (1.86%). A total of 11 commodities fell month on month, and the top three products were aluminum (- 3.28%), lead (- 3.22%) and dysprosium ferroalloy (- 2.36%). The average rise and fall this week was 0.13%, and the metal market fell more or less this week.

On the whole, the sharp drop in lead price this week was mainly affected by the sharp rise in LME inventory, and there was little change in the supply and demand side of the domestic market. With the lower price, the downstream procurement was driven, and the market wait-and-see mood was strong. Under the situation of maintaining the stability of fundamentals, it is expected that the future price shock trend will be the main trend, and the downward space is limited.