This week, the lead market (11.17-11.24) fluctuated downward, with the average price in the domestic market at 16665 yuan/ton last weekend and 16365 yuan/ton this weekend, a decrease of 1.8%.

K-bar chart of commodity prices, using the concept of price trend K-line, reflects the weekly or monthly price fluctuations in the form of a bar chart. Investors can buy and sell based on the changes in the K-bar chart. Red indicates an increase; Green indicates a decline; The height of the K-bar indicates the magnitude of the rise and fall. The recent market trend has been strong, with the lead ingot market rising for 10 consecutive weeks before entering October and experiencing mixed gains and losses.

In terms of the futures market, the Shanghai lead market experienced a broad decline this week, with long funds leaving the market. The overall lead price fell from a high level, and LME lead ingot inventories continued to rise, putting pressure on lead prices. From the perspective of supply and demand, the operating rate of primary lead has slightly increased this week, indicating an expected increase in primary lead supply. The price of waste batteries in the field of recycled lead remains high, affecting the enthusiasm of downstream enterprises for recycling. Currently, the operating rate of recycled lead enterprises has significantly declined. The price of recycling used batteries has risen to a nearly 5-year high, and it is difficult for the market price to fall in the short term. Therefore, the market expects that the supply of recycled lead in the near future will be tight and difficult to change. In terms of demand, the downstream industry has shown a more obvious performance in the off-season, while the demand for batteries is relatively stable. The demand for electric bicycles continues to decline, and overall demand remains weak. With the continuous rise of spot prices, the enthusiasm for downstream entry into the market has further decreased. Recently, the overall market trading has been relatively light, mainly focusing on long-term cooperative orders. Overall, with the departure of bulls, the recent trend of lead prices has returned to the fundamentals, and it is expected that the industry will continue to maintain a weak trend in the off-season.

On November 26th, the non-ferrous index was at 1090 points, unchanged from yesterday, a decrease of 29.13% from the highest point in the cycle of 1538 points (2021-10-18), and an increase of 79.57% from the lowest point of 607 points on November 24th, 2015. (Note: The cycle refers to 2011-12-01 present).

According to the price monitoring of Business Society, in the 47th week of 2023 (11.20-11.24), there were a total of 6 commodities in the non-ferrous sector that showed a month on month increase in commodity prices. The top 3 commodities with the highest increase were dysprosium oxide (4.17%), dysprosium metal (3.06%), and dysprosium ferroalloy (3.04%). There are a total of 13 products that have experienced a month on month decline, with nickel (-4.28%), cobalt (-3.87%), and tin (-3.49%) being the top three products with the largest decline. The average increase and decrease this week is -0.84%.