- LME lead inventories slip to 6-week low
- Offgrid Energy Labs raises $15 million
LME lead prices moved in a narrow range in Week 35, closing slightly lower w-o-w. This trend was mirrored by Indian MCX prices, which also dipped w-o-w. While global prices edged down due to persistent oversupply concerns and weak downstream consumption, the Indian market saw its own pressures from lacklustre demand.
Price trends
LME lead cash-settlement prices fluctuated and ended the week slightly lower, reflecting sideways consolidation. Prices closed at $1,990/tonne (t) on 5 September, a 0.35% decrease from the opening price of $1,994/t on 1 September. This was a result of the market navigating opposing forces of subdued global consumption and resilient supply, which kept prices within a tight trading range of $1,984/t and $2,007/t.
The three-month LME lead contract mirrored this pattern, also showing fluctuations before settling at $1,994.50/t on 5 September.
LME lead inventories saw a further slip during the week, continuing a trend from late August. Stockpiles fell by 1,500 t in a single day early in the week, reaching a six-week low of 259,550 t on 2 September. This decline, while notable, occurred against a backdrop of persistently high stock levels, indicating that the overall international market remains in a state of oversupply, which has limited gains in LME prices.
MCX lead trends (1-5 September)
MCX lead prices reflected volatile global sentiment while also being influenced by domestic factors. The September contract closed at INR 181,250/t on 5 September against INR 182,400/t on 29 August, showing a slight decline over the week. Prices fluctuated throughout the week, influenced by global cues and domestic demand patterns.
Indian prices were supported by rupee weakness, which counteracted some of the downward pressure from the LME. However, lacklustre domestic demand and trimming of positions by market participants contributed to the overall cautious sentiment.
Offgrid Energy Labs raises $15 million to expand ZincGel battery production in UK
Battery tech startup Offgrid Energy Labs, headquartered in India, has raised $15 million in a Series A funding round led by Archean Chemical Industries, with participation from Ankur Capital. The funds will support a 10 MWh demonstration manufacturing facility in the UK, expand R&D capabilities, and accelerate the commercialisation of its ZincGel batteries. These safer, eco-friendly batteries target stationary energy storage applications, offering a sustainable alternative to conventional lithium-ion solutions.
Outlook
With both LME and MCX prices range-bound, the Indian market is expected to remain steady in the near term. Seasonal replacement demand in Q4 could provide some uplift, but subdued OEM activity and strong availability of secondary lead are likely to keep upside limited.
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