The weekly Davis Index for US lead scrap was unchanged Wednesday amid persistently uncertain market conditions.

 

The Davis Index for whole undrained batteries was flat at 37¢/lb delivered US consumer on steady demand for the material. Some market participants quoted as much as 38¢/lb because battery manufacturers were willing to pay a higher price to stock up on spring inventory.

 

The index for soft lead was also unchanged at 70¢/lb delivered on Wednesday, while mixed hard lead held at 68¢/lb delivered. The premium for lead ingots hasn’t changed for over three weeks, holding at 9.5¢ above the official three-month LME lead contract. 

 

The official three-month LME lead contract closed Wednesday at $1,797/mt, declining by $44/mt from $1,841/mt on March 4.

 

Market participants believe that, despite the decline on LME lead this week, the lead market has been more robust than other base metals. The metal’s prices have either risen or been sideways since January, notwithstanding macroeconomic uncertainties pertaining to the spread of COVID-19.

 

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