LME Singapore warehouse sets record lead orders, but high inventory suppresses lead prices, causing a decline instead of an increase
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LME lead prices fell due to high inventory levels, despite record lead orders in Singapore failing to boost prices. Global lead inventories are nearing their highest levels in nearly 12 years, with futures prices dropping by about 0.8%. Marex strategists noted that despite record inventories, there has not been a sharp increase in demand. Lead inventories in Singapore surged mainly due to declining demand from the automotive industry, leading to oversupply, while high logistics costs have suppressed metal exports
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