沪铅日度报告-2025-03-28

Group 1: Report Overview - Reported variety: Shanghai Lead [1] - Writing time: March 27, 2025 [1] - Review cycle: Daily [1] - Researcher: Cao Baiquan [2] - Consulting license number: Z0019820 [2] Group 2: Core Views - Supply reduction and scrap battery costs support lead prices, but weak demand and inventory accumulation limit upward momentum. Short - term lead prices may fluctuate and stabilize. Attention should be paid to imported lead and secondary lead supply [3] Group 3: Analysis by Aspect Macro - aspect - The Trump administration plans to introduce new tariff policies for automobiles on April 2. The US consumer confidence index declined in March, indicating weak economic expectations [3] Spot - aspect - Henan smelters plan to conduct maintenance at the end of March, and environmental inspections in Henan and other places limit production. Coupled with losses in secondary lead smelting profits, overall supply has narrowed [3] Demand - aspect - Lead - acid battery demand remains stable, but downstream enterprises mainly purchase based on rigid demand [3] Technical - aspect - On the hourly chart, lead prices are still in an upward channel. On the daily chart, they have reached the previous high and the next resistance level, and are still in a multi - empty game [3]