铅市场：8月27日铅价多降，库存有减或区间震荡

Group 1 - The core viewpoint of the article indicates that the lead market is experiencing a stable yet weak demand-supply balance, with no significant positive factors to boost lead prices in the near term [1] - On August 27, 2025, LME lead spot premium was reported at -$38.74 per ton, while SMM 1 lead ingot spot price decreased to 16,775 RMB per ton, a drop of 25 RMB per ton from the previous change [1] - The Shanghai, Guangdong, Henan, and Tianjin regions showed corresponding changes in lead spot prices and premiums, while the price difference between lead scrap and refined lead remained unchanged [1] Group 2 - The futures market saw the main Shanghai lead contract open at 16,925 RMB per ton and close at 16,890 RMB per ton, reflecting a decrease of 40 RMB per ton, with a total trading volume of 49,426 lots and an open interest of 49,915 lots [1] - The night session opened at 16,885 RMB per ton and closed at 16,875 RMB per ton, down 15 RMB per ton from the afternoon close [1] - As of August 27, 2025, SMM lead ingot inventory totaled 68,000 tons, a decrease of 0.16 million tons compared to the same week last year, while LME lead inventory was reported at 267,475 tons, down by 1,500 tons [1] Group 3 - The strategy remains neutral, with the lead market expected to oscillate between 16,300 and 17,050 RMB per ton due to a lack of significant bullish factors in the fundamentals, despite macroeconomic factors favoring the non-ferrous sector [1] - The options strategy suggested is to sell wide spreads, with risk factors including a significant increase in domestic supply, lower-than-expected consumption, and tightening overseas liquidity [1]