Ruida Futures(SZ:002961) Jin Tou Wang·2025-09-10 07:15Core Viewpoint - The domestic non-ferrous metal market shows mixed performance, with lead futures experiencing slight declines amid macroeconomic adjustments and supply-demand dynamics [1] Macroeconomic Factors - U.S. employment data has been significantly revised downwards, with a reduction of 910,000 jobs over the past 12 months [1] Supply Dynamics - There is a relative shortage of upstream lead concentrate and waste lead-acid batteries, which limits the operational capacity of primary smelting plants [1] - Continuous losses in recycled lead production are leading to reduced output in recycling plants, particularly in Anhui [1] Demand Factors - The operating rate of lead-acid batteries has slightly increased due to improved orders for complete vehicles, although demand for electric bicycles and automotive replacements remains weak [1] - Export orders are declining as Middle Eastern tariff sanctions are set to take effect [1] Market Outlook - Domestic primary lead production is recovering, while recycled lead enterprises are facing increased production cuts due to losses [1] - The performance of downstream battery consumption during the peak season is generally underwhelming, putting pressure on lead price rebounds [1]