According to the Commodity Market Analysis System of Business Society, in November 2023, the domestic lead ingot market experienced a downward trend after fluctuations. The average price in the domestic market was 16330 yuan/ton at the beginning of the month, 16065 yuan/ton at the end of the month, a monthly decrease of 1.62%.

On November 28th, the lead commodity index was 97.98, a decrease of 0.67 points from yesterday, a decrease of 26.89% from the highest point in the cycle of 134.01 points (2016-11-29), and an increase of 31.29% from the lowest point of 74.63 points on March 19th, 2015. (Note: The cycle refers to 2011-09-01 present).

On November 28th, the base metal index was 1139 points, a decrease of 8 points from yesterday, a decrease of 29.52% from the highest point in the cycle of 1616 points (2022-03-09), and an increase of 77.41% from the lowest point of 642 points on November 24th, 2015. (Note: The cycle refers to 2011-12-01 present).

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 represents the range of fluctuations. After the decline in lead prices in January 2023, the trend in the first half of the year was somewhat volatile. June August was the peak season of the season, and it continued to decline after September. The weekly trend is mixed.

In November 2023, the lead ingot market showed a volatile trend in the first half of the year, while the overall trend in the second half was weak. At the beginning of the month, the Federal Reserve announced further interest rate hikes, with an overall hawkish performance. The US dollar was boosted and the metal market was generally under pressure. Shanghai lead followed suit and the overall trend fluctuated between 16415-16695 yuan/ton. In the middle of the week, the proportion of warehouse orders cancelled by London Lead in the overseas market increased rapidly last week, which boosted market sentiment. Driven by funds, London Lead rose, and domestic Shanghai Lead followed suit. Under the disturbance of funds, the Shanghai Lead market brought a wave of upward momentum. As the bulls left 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 market has not changed much recently, and the operating rate of primary lead has slightly rebounded, leading to an increase in market supply expectations. However, the prices of waste batteries in the field of recycled lead are still high, which affects the enthusiasm of recycled lead enterprises to recycle. Under cost pressure, the operating rate of recycled lead enterprises has significantly declined. At present, the price of recycling used batteries has risen to a nearly 5-year high, and it is difficult to fall back in the future. 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, downstream industries have shown a more obvious performance during the off-season, with weak demand for automotive batteries and electric bicycle batteries, resulting in overall weak market demand. After entering the off-season, the overall trading in the spot market is relatively light, with long-term orders being the main focus and relatively few scattered orders in the market. Overall, the trend of lead prices has returned to its fundamental influence, and it is expected that the industry will continue to maintain a weak trend in the future under the influence of the traditional seasonal off-season.