China imported 12,686 tonnes of lead ingots last month, an increase of more than 633 times from the 20 tonnes imported last October and of about 220 times from the 552 tonnes imported in September.
The Shanghai-London lead import arbitrage ratio ranged from 7.58-8.70 in October, compared with a range of 8.05-8.56 in September. The arbitrage ratio has subsequently eased, standing at around 7.35 on Monday November 27.
Total Chinese lead imports for the first ten months of the year reached 75,720 tonnes, up significantly from just 240 tonnes in the same period last year.
The most-traded January lead contract on the Shanghai Futures Exchange maintained the downward trend in October, initially climbing to 20,700 yuan ($3,137) per tonne on October...