Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - Supply side: Last week, affected by the increase in maintenance devices, the capacity utilization rate in each region mainly decreased, with the national average utilization rate decreasing by 2.0% to 80.5%. The planned maintenance capacity of chlor - alkali in July has decreased. The low profit suppresses the expectation of supply - side improvement in the future [2]. - Demand side: Last week, the alumina开工率 increased by 0.89% to 81.56%, the viscose staple fiber开工率 increased by 3.4% to 75.17%, and the printing and dyeing开工率 decreased by 0.13% to 60.18%. Non - aluminum off - season demand is weak, and downstream purchases are mainly for rigid needs [2]. - Inventory: Last week, the liquid caustic soda factory inventory decreased by 1.58% to 38.42 tons, which is at a moderately high level in the same period [2]. - Price: The price of liquid chlorine is deeply inverted due to the imbalance between supply and demand, which drags down chlor - alkali profits. The chlor - alkali device is in a slight loss state. The purchase price of Shandong alumina plants has been raised, driving up the market price of 32% liquid caustic soda. The SH2509 contract is slightly at a discount, and attention should be paid to the pressure around 2500 yuan/ton technically [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main contract of caustic soda is 2454 yuan/ton, and the contract closing prices of caustic soda in January and May are 2438 yuan/ton and 2487 yuan/ton respectively. The futures trading volume is 687,008 lots, an increase of 38,580 lots, and the futures position is 255,481 lots, an increase of 3,944 lots. The net position of the top 20 futures is 1,837 lots, an increase of 16,162 lots [2]. Spot Market - The price of 32% ion - membrane caustic soda in Shandong and Jiangsu regions is 810 yuan/ton and 900 yuan/ton respectively. The converted - to - 100% price of 32% caustic soda in Shandong region is 2531.25 yuan/ton, and the basis of caustic soda is 77 yuan/ton, a decrease of 46 yuan/ton [2]. Upstream Situation - The mainstream price of raw salt in Shandong and the Northwest is 210 yuan/ton and 220 yuan/ton respectively, and the price of steam coal is 635 yuan/ton [2]. Industry Situation - The mainstream price of liquid chlorine in Shandong is - 550 yuan/ton, a decrease of 50 yuan/ton, and in Jiangsu is - 225 yuan/ton [2]. Downstream Situation - The spot price of viscose staple fiber is 13,020 yuan/ton, and the spot price of alumina is 3,100 yuan/ton, an increase of 10 yuan/ton [2]. Industry News - The National Development and Reform Commission predicts that China's GDP scale will be about 140 trillion yuan in 2025. From June 27th to July 3rd, the average capacity utilization rate of China's caustic soda sample enterprises with a capacity of 200,000 tons and above was 80.5%, a decrease of 2.0% from the previous period. As of July 3rd, the factory inventory of fixed liquid caustic soda sample enterprises with a capacity of 200,000 tons and above was 384,200 tons (wet tons), a decrease of 1.58% from the previous period and an increase of 2.45% year - on - year [2].

Report Industry Investment Rating No relevant content provided. Core View - Eggs have entered the seasonal demand off - season, with high egg - laying hen inventory and large pressure from newly - opened egg - laying hens. Egg supply is abundant. Affected by the plum rain season, storage costs increase, downstream dealers are cautious in purchasing, egg prices are at a relatively low level compared to the same period, and the breeding end is in a continuous loss state. However, after the price reaches a relatively low level, the process of old hen culling has accelerated, reducing the inventory expectation. The near - month futures price is generally weak due to the weak spot, while the far - month contracts are obviously resistant to decline, and it is advisable to lightly test long positions in the far - month [2]. Summary by Directory Futures Market - The futures closing price (active contract) of eggs is 3484 yuan/500 kilograms, with a month - on - month increase of 39; the net long position of the top 20 futures holders is - 27941 hands, with a month - on - month increase of 5118; the egg futures monthly spread (9 - 1) is - 20 yuan/500 kilograms, with a month - on - month increase of 18; the registered warehouse receipt volume is 0 hands; the futures open interest (active contract) is 150786 hands, with a month - on - month decrease of 22760 [2]. 现货市场 - The egg spot price is 2.55 yuan/jin, with a month - on - month decrease of 0.28; the basis (spot - futures) is - 931 yuan/500 kilograms, with a month - on - month decrease of 35 [2]. Upstream Situation - The national laying hen inventory index is 110.89 (2015 = 100), with a month - on - month decrease of 1.46; the national culled laying hen index is 108.68 (2015 = 100), with a month - on - month increase of 11.92; the average price of laying hen chicks in the main production areas is 3.9 yuan/feather, with a month - on - month decrease of 0.1; the national new - born chick index is 106.78 (2015 = 100), with a month - on - month decrease of 31.9; the average price of laying hen compound feed is 2.72 yuan/kilogram, with a month - on - month decrease of 0.02; the breeding profit of laying hens is - 0.58 yuan/head, with a month - on - month decrease of 0.17; the average price of culled chickens in the main production areas is 9.4 yuan/kilogram, with a month - on - month increase of 0.16; the national culled chicken age is 506 days, with a month - on - month decrease of 4 [2]. Industry Situation - The average wholesale price of pork is 20.53 yuan/kilogram, with a month - on - month increase of 0.02; the average wholesale price of 28 key - monitored vegetables is 4.35 yuan/kilogram, with a month - on - month decrease of 0.02; the average wholesale price of white - striped chickens is 17.02 yuan/kilogram, with a month - on - month increase of 0.01; the weekly inventory in the circulation link is 1.22 days, with a month - on - month increase of 0.18; the weekly inventory in the production link is 1.12 days, with a month - on - month increase of 0.2; the monthly export volume of fresh eggs is 12792.51 tons, with a month - on - month decrease of 110.81 [2]. Downstream Situation - The weekly consumption of eggs in the sales area is 7606 tons, with a month - on - month decrease of 331 [2]. Industry News - The average price of eggs in Shandong, Hebei, Guangdong, and Beijing in the main production areas remained unchanged from yesterday; eggs have entered the seasonal demand off - season, with sufficient supply, high storage costs, and cautious downstream purchases [2]. Key Points of Attention - There is no news today [2].

影响有限。近期供需两弱，下游按需采购，国内社会库存小幅增加；海外库存持稳。技术面，持仓增量空 研究员: 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 沪镍产业日报 2025-07-09 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪镍(日,元/吨) | 119140 | -1230 08-09月合约价差:沪镍(日,元/吨) | -90 | 30 | | | LME3个月镍(日,美元/吨) | 15015 | -115 主力合约持仓量:沪镍(日,手) | 72919 | 5696 | | | 期货前20名持仓:净买单量:沪镍(日,手) | -11671 | -3104 LME镍:库存(日,吨) | 203562 | 942 | | | 上期所库存:镍(周,吨) | 24922 | 204 LME镍:注销仓单:合计(日,吨) | 8484 | -18 | | | 仓单数量:沪镍(日,吨) | 20677 | -156 | | | ...

多晶硅产业日报 2025-07-09 完全消化，导致库存积压，对市场价格形成明显压制。短期多晶硅仍处于去库存阶段，期货上涨幅度可能 免责声明 受到拖累，今天整体注意高位出现换手，同时企业开始套保情况出现，不宜过分追高。 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:多晶硅(日,元/吨) | 39270 | 885 8-9月多晶硅价差 | 245 | -280 | | | 主力持仓量:多晶硅(日,手) | 97187 | -13360 多晶硅-工业硅价差(日,元/吨) | ...

| 7月09日 22:00 美国5月批发销售月率 | | | --- | --- | | 重点关注 | 7月10日 02:00 美联储公布货币政策会议纪要 20:30 美国至7月5日当周初请失业金人数 | | 数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 备注：T为10年期国债期货，TF为5年期国债期货，TS为2年期国债期货 | | | 研究员： | 廖宏斌 期货从业资格号F30825507 期货投资咨询从业证书号Z0020723 | 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完 整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否 符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。 如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 端在期货 | 项目类别 | 数据指标 最新 | 最新 | 环比 项目 | | 环比 | | --- | --- | --- | --- | --- | -- ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The tariff situation has slightly heated up, but the uncertainty has decreased. Some long - position holders chose to take profits, causing the precious metals market to decline under pressure. The recent economic "soft data" in the US, such as inflation expectations and consumer confidence, has significantly improved compared to the initial period of tariff announcements. As the overall tariff uncertainty has slowed down, countries are reaching agreements with the US through negotiation and compromise, leading to a continuous increase in market risk appetite. The VIX volatility index is at a low level, and the upward movement of gold prices has been continuously hindered [2]. - Driven by the strong performance in June (+$7.6 billion), global gold ETF holdings increased by $38 billion in the first half of 2025. Against the backdrop of global geopolitical uncertainty, the safe - haven investment demand for gold remains relatively stable. Whether core countries can reach an agreement with the US before the deadline is the key factor for the subsequent trend of gold prices. If the trade negotiations progress optimistically, gold prices may continue to be under pressure [2]. - The formal passage of Trump's "Big and Beautiful" bill has intensified market concerns about the long - term fiscal problems of the US government, which may accelerate the global de - dollarization process, weaken the demand for the US dollar as a traditional safe - haven asset, and boost the monetary attribute of gold [2]. - In the case of silver, the global de - stocking cycle has led to a continuously tight supply - demand structure. Coupled with the dovish stance of the Federal Reserve helping to repair its industrial attribute, silver prices are expected to remain resilient. There is still some room for the gold - silver ratio to repair, but short - term correction risks need to be noted [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices**: The closing price of the Shanghai gold main contract was 766.82 yuan/gram, down 9.4 yuan; the closing price of the Shanghai silver main contract was 8,899 yuan/kilogram, down 54 yuan [2]. - **Positions**: The main contract position of Shanghai gold was 181,258 lots, an increase of 2,127 lots; the main contract position of Shanghai silver was 327,567 lots, a decrease of 10,577 lots. The net position of the top 20 in the Shanghai gold main contract was 129,215 lots, a decrease of 10,912 lots; the net position of the top 20 in the Shanghai silver main contract was 94,543 lots, an increase of 3,196 lots [2]. - **Warehouse Receipts**: The warehouse receipt quantity of gold was 21,585 kilograms, an increase of 27 kilograms; the warehouse receipt quantity of silver was 1,320,909 kilograms, a decrease of 13,822 kilograms [2]. 3.2 Spot Market - **Prices**: The spot price of gold on the Shanghai Non - ferrous Metals Network was 763.39 yuan/gram, down 8.49 yuan; the spot price of silver was 8,864 yuan/kilogram, down 33 yuan [2]. - **Basis**: The basis of the Shanghai gold main contract was - 3.43 yuan/gram, an increase of 0.91 yuan; the basis of the Shanghai silver main contract was - 35 yuan/kilogram, an increase of 21 yuan [2]. 3.3 Supply - Demand Situation - **ETF Holdings**: Gold ETF holdings were 946.51 tons, a decrease of 1.15 tons; silver ETF holdings were 14,935.15 tons, an increase of 66.41 tons [2]. - **CFTC Non - commercial Net Positions**: The non - commercial net position of gold in CFTC was 201,980 contracts, an increase of 6,976 contracts; the non - commercial net position of silver in CTFC was 63,400 contracts, an increase of 453 contracts [2]. - **Supply and Demand Quantities**: The total supply of gold in the quarter was 1,313.01 tons, an increase of 54.84 tons; the total annual supply of silver was 987.8 million troy ounces, a decrease of 21.4 million troy ounces. The total demand for gold in the quarter was 1,313.01 tons, an increase of 54.83 tons; the global total annual demand for silver was 1,195 million ounces, a decrease of 47.4 million ounces [2]. 3.4 Option Market - **Historical Volatility**: The 20 - day historical volatility of gold was 11.98%, an increase of 0.71 percentage points; the 40 - day historical volatility of gold was 16%, an increase of 0.22 percentage points [2]. - **Implied Volatility**: The implied volatility of at - the - money call options for gold was 20.55%, a decrease of 1.24 percentage points; the implied volatility of at - the - money put options for gold was 20.54%, a decrease of 1.26 percentage points [2]. 3.5 Industry News - US President Trump stated on social media that tariffs would start on August 1, 2025, and he was planning to impose tariffs on specific industries including pharmaceuticals, semiconductors, and metals. He would impose a 50% tariff on copper and up to 200% on pharmaceuticals. He also called on Federal Reserve Chairman Powell to resign immediately and said that a new study by the Council of Economic Advisers (CEA) found that tariffs had no impact on inflation [2]. - The UK will not be able to reach an agreement on steel and aluminum trade with the US this week, missing the July 9 deadline set by the White House, but is still expected to reach an agreement by the end of the month [2].

Report Industry Investment Rating - No information provided Core Viewpoints of the Report - The PNBP policy implemented by the Indonesian government has increased the cost of nickel resource supply. However, the nickel - iron production capacity in Indonesia is being released rapidly, the output has rebounded significantly, and the nickel - iron price has dropped recently, weakening the support of raw material costs [2]. - Steel mills are facing increasing cost - price inversion pressure and are in a loss state across the board. They are forced to increase production cuts. Additionally, domestic anti - involution measures may accelerate the alleviation of the oversupply situation, and stainless steel production is expected to decline further [2]. - Entering the traditional consumption off - season, with increased macro - market uncertainties and export demand pressure remaining, downstream players are adopting a wait - and - see, cautious and pessimistic attitude. The inventory reduction in the domestic market is not satisfactory, and attention should be paid to the inventory reduction effect brought about by subsequent production cuts [2]. - Technically, the position is decreasing. It is expected to have a short - term strong adjustment. It is recommended to wait and see or go long with a light position [2]. Summary by Relevant Catalogs Futures Market - The closing price of the stainless - steel futures main contract is 12,770 yuan/ton, with a daily increase of 70 yuan/ton; the price difference between the 08 - 09 contracts is 95 yuan/ton, with a daily increase of 30 yuan/ton [2]. - The net long position of the top 20 futures holders is - 9,656 lots, a daily decrease of 2,214 lots; the position of the main contract is 87,766 lots, a daily decrease of 2,472 lots [2]. - The warehouse receipt quantity is 111,290 tons, a daily decrease of 120 tons [2]. 现货市场 - The price of 304/2B rolled stainless steel (trimmed edge) in Wuxi is 13,300 yuan/ton, with no change; the market price of scrap stainless steel 304 in Wuxi is 9,200 yuan/ton, with no change [2]. - The basis of the SS main contract is 100 yuan/ton, a daily decrease of 95 yuan/ton [2]. Upstream Situation - The monthly electrolytic nickel output is 29,430 tons, an increase of 1,120 tons; the total monthly nickel - iron output is 23,900 metal tons, an increase of 2,200 metal tons [2]. - The monthly import volume of refined nickel and alloys is 17,687.58 tons, a decrease of 1,058.97 tons; the monthly import volume of nickel - iron is 848,200 tons, an increase of 31,300 tons [2]. - The spot price of SMM1 nickel is 120,150 yuan/ton, a daily decrease of 950 yuan/ton; the average price of nickel - iron (7 - 10%) nationwide is 905 yuan/nickel point, a daily decrease of 5 yuan/nickel point [2]. - The monthly chromium - iron output in China is 757,800 tons, a decrease of 26,900 tons [2]. Industry Situation - The monthly output of 300 - series stainless steel is 1.7847 million tons, a decrease of 39,600 tons; the weekly total inventory of 300 - series stainless steel is 605,900 tons, a decrease of 13,500 tons [2]. - The monthly stainless - steel export volume is 458,500 tons, a decrease of 29,500 tons [2]. Downstream Situation - The cumulative monthly new housing construction area is 231.8361 million square meters, an increase of 53.4777 million square meters; the monthly output of excavators is 25,800 units, a decrease of 200 units [2]. - The monthly output of large and medium - sized tractors is 24,600 units, a decrease of 10,400 units; the monthly output of small tractors is 11,000 units, a decrease of 1,000 units [2]. Industry News - Trump postponed the reciprocal tariff suspension period to August 1st, and mentioned potential tariffs on the EU and India, as well as high - tariff threats on pharmaceuticals and unspecified semiconductor tariffs [2]. - The US one - year inflation expectation in June dropped to a five - month low, and concerns about layoffs eased; China's June passenger car retail sales reached a new high for the month, with new - energy vehicle retail sales increasing by 29.7% year - on - year [2].

1. Report Investment Rating - No investment rating provided in the report. 2. Core View - The zinc price is running weakly. On the supply - side, the import volume of zinc ore at home and abroad has increased, the processing fee of zinc ore has continued to rise, and the smelter's profit has been further repaired, leading to increased production enthusiasm. New production capacities are being released, and the supply growth has accelerated. The import window is currently closed, reducing the inflow of imported zinc. On the demand - side, the downstream has entered the off - season, and the operating rate of processing enterprises has decreased year - on - year. Domestic social inventory has increased slightly, but the rising LME zinc premium and declining overseas inventory have driven up the domestic price. Technically, with reduced positions and cautious trading from both long and short sides, there is support at the 22,000 mark. It is recommended to wait and see for now [3]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main Shanghai zinc futures contract is 22,120 yuan/ton, up 70 yuan; the 08 - 09 contract spread of Shanghai zinc is 75 yuan/ton, down 15 yuan; the LME three - month zinc quotation is 2,719 US dollars/ton, up 36 US dollars; the total position of Shanghai zinc is 250,347 lots, down 3,271 lots; the net position of the top 20 in Shanghai zinc is 18,212 lots, up 8,912 lots; the Shanghai zinc warehouse receipt is 8,950 tons, up 1,001 tons; the SHFE inventory is 45,364 tons, up 1,731 tons; the LME inventory is 108,500 tons, down 2,100 tons [3]. 3.2 Spot Market - The spot price of 0 zinc on the Shanghai Non - ferrous Metals Network is 22,160 yuan/ton, up 120 yuan; the spot price of 1 zinc in the Yangtze River Non - ferrous Metals Market is 22,250 yuan/ton, up 520 yuan; the basis of the main ZN contract is 40 yuan/ton, up 50 yuan; the LME zinc premium (0 - 3) is - 9.88 US dollars/ton, up 12.17 US dollars; the arrival price of 50% zinc concentrate in Kunming is 16,840 yuan/ton, down 160 yuan; the price of 85% - 86% crushed zinc in Shanghai is 15,750 yuan/ton, up 50 yuan [3]. 3.3 Upstream Situation - The WBMS zinc supply - demand balance is - 124,700 tons, down 104,100 tons; the ILZSG zinc supply - demand balance is - 69,100 tons, up 10,400 tons; the global zinc ore production is 1.0075 million tons, down 4,300 tons; the domestic refined zinc production is 583,000 tons, up 7,000 tons; the zinc ore import volume is 455,900 tons, up 124,900 tons [3]. 3.4 Industry Situation - The refined zinc import volume is 35,156.02 tons, down 22,615.39 tons; the refined zinc export volume is 483.88 tons, up 266.83 tons; the zinc social inventory is 69,800 tons, up 6,200 tons [3]. 3.5 Downstream Situation - The monthly output of galvanized sheets is 2.32 million tons, down 130,000 tons; the monthly sales volume of galvanized sheets is 2.34 million tons, down 120,000 tons; the monthly new housing construction area is 231.8361 million square meters, up 53.4777 million square meters; the monthly housing completion area is 183.8514 million square meters, up 27.3729 million square meters; the monthly automobile production is 2.642 million vehicles, up 38,000 vehicles; the monthly air - conditioner production is 19.6788 million units, up 3.4764 million units [3]. 3.6 Option Market - The implied volatility of the at - the - money call option for zinc is 14.99%, down 0.11%; the implied volatility of the at - the - money put option for zinc is 14.99%, down 0.1%; the 20 - day historical volatility of the at - the - money zinc option is 8.59%, up 0.02%; the 60 - day historical volatility of the at - the - money zinc option is 14.46%, down 0.5% [3]. 3.7 Industry News - Trump postponed the reciprocal tariff suspension period to August 1st, and mentioned that the tariff for some tax notices might be 60% or 70%. The US is dissatisfied with the EU's taxation and fines on US technology companies and may issue a tax notice to the EU. The Fed reported that the one - year inflation expectation in the US dropped to a five - month low in June, and concerns about layoffs eased. The China Passenger Car Association reported that China's passenger car retail sales in June reached a new high for the month, with new - energy vehicle retail sales up 29.7% year - on - year [3].

速度或减弱。UR2509合约短线建议在1740-1800区间交易。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 郑州尿素主力合约收盘价(日,元/吨) | 1770 | 7 郑州尿素9-1价差(日,元/吨) | 34 | -6 | | | 郑州尿素主力合约持仓量(日,手) | 211186 | -3200 郑州尿素前20名净持仓 | -22356 | -212 | | | 郑州尿素交易所仓单(日,张) | 2245 | -362 | | | | 现货市场 | 河北(日,元 ...

1. Report Industry Investment Rating - No information provided in the content 2. Core View of the Report - The overall supply of Shanghai lead is expected to increase slightly next week. Due to the diminishing marginal effect of national subsidies on consumption, domestic inventories will increase slightly while overseas inventories will decline again. Although lead prices are expected to continue rising in the short term, overall demand is gradually weakening. It is recommended to short on rallies [3] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai lead main contract is 17,175 yuan/ton, up 15 yuan; the 08 - 09 month contract spread of Shanghai lead is -20 yuan/ton, up 10 yuan; the Shanghai lead open interest is 89,789 lots, up 1,267 lots; the net position of the top 20 in Shanghai lead is -347 lots, down 310 lots; the Shanghai lead warehouse receipts are 50,608 tons, up 2,895 tons; the SHFE inventory is 53,303 tons, up 1,374 tons; the LME 3 - month lead quote is 2,044 dollars/ton, up 6.5 dollars; the LME lead inventory is 258,075 tons, down 1,900 tons [3] 3.2 Spot Market - The spot price of 1 lead in Shanghai Non - ferrous Metals Network is 17,000 yuan/ton, up 100 yuan; the spot price of 1 lead in Yangtze River Non - ferrous Metals Market is 17,200 yuan/ton, up 170 yuan; the basis of the lead main contract is -175 yuan/ton, up 85 yuan; the LME lead premium (0 - 3) is -23.04 dollars/ton, down 83.34 dollars; the price of 50% - 60% lead concentrate in Jiyuan is 16,320 yuan, up 24 yuan; the price of domestic secondary lead (≥98.5%) is 16,960 yuan/ton, up 130 yuan; the capacity utilization rate of secondary lead is 34.15%, up 0.71%; the number of secondary lead production enterprises is 68, down 0.8; the monthly output of secondary lead is 22.42 tons, down 6.75 tons [3] 3.3 Upstream Situation - The average operating rate of primary lead is 79.05%, up 2.26%; the weekly output of primary lead is 3.63 tons, up 0.05 tons; the processing fee of 60% lead concentrate at major ports is -50 dollars/kiloton, down 10 dollars/kiloton; the ILZSG lead supply - demand balance is 16.4 kilotons, up 48.8 kilotons; the global lead mine output is 399.7 kilotons, down 3.7 kilotons; the monthly lead ore import volume is 11.97 tons, up 2.48 tons [3] 3.4 Industry Situation - The monthly refined lead import volume is 815.37 tons, down 1,021.76 tons; the monthly refined lead export volume is 2,109.62 tons, up 223.33 tons; the average domestic processing fee of lead concentrate to the factory is 560 yuan/ton, down 80 yuan/ton; the average market price of waste batteries is 10,167.86 yuan/ton, up 50 yuan/ton [3] 3.5 Downstream Situation - The monthly export volume of batteries is 41,450 units, down 425 units; the average price of lead - antimony alloy (for batteries, 2% antimony content) is 20,550 yuan/ton, up 75 yuan/ton; the Shenwan industry index of batteries and other cells is 1,743.88 points, up 9.25 points; the monthly automobile output is 264.2 tons, up 3.8 tons; the monthly new energy vehicle output is 164.7 tons, up 7.3 tons [3] 3.6 Industry News - Trump announced that tariffs will start on August 1st without any extension, with a 50% tariff on imported copper and a possible up - to - 200% tariff on pharmaceuticals, and will soon announce tariffs on semiconductors; the US Secretary of Commerce expects to issue 15 - 20 more tariff letters in the next two days, copper tariffs will be implemented in late July or August 1st, and the research on pharmaceutical and semiconductor tariffs will be completed by the end of the month; the US Treasury Secretary said that as of now, 100 billion dollars in tariffs have been collected, and it is expected to reach 300 billion dollars by the end of the year; the US Department of Defense announced to provide more defensive weapons to Ukraine [3]