Jin Tou Wang·2025-12-25 06:37Group 1 - The core viewpoint of the article indicates that the domestic lead futures market is experiencing a slight upward trend, with the main contract reported at 17,320.00 yuan/ton, reflecting a 1.08% increase [1] Group 2 - On the supply side, processing fees are currently low, with mixed supply dynamics. Primary lead enterprises are resuming operations after maintenance, while environmental controls due to severe air pollution are causing significant production cuts in recycling enterprises in major regions [2] - The recycling volume of waste lead-acid batteries is at a low level, leading to a tight market supply [2] Group 3 - On the demand side, the downstream lead-acid battery market is performing weakly, failing to generate effective demand. This is primarily due to rigid production needs and a decline in actual purchasing enthusiasm [2] - The implementation of new national standards for electric bicycles has resulted in poor sales of finished battery inventories, leading distributors to adopt a cautious stocking strategy [2] Group 4 - Regarding inventory, there is a divergence in inventory patterns between domestic and international markets, with LME experiencing significant accumulation and a long-term trend of increasing inventory, while domestic inventories are at historically low levels [2] Group 5 - Looking ahead, domestic smelters are resuming production slowly, and social inventories remain at low levels, which supports lead prices. However, year-end accounting practices by traders and battery companies, along with generally weak spot trading performance, may limit the upward potential of lead prices [2] - Short-term price expectations are for a volatile but slightly strong trend, with attention to pressure near previous highs [2]