铅：上方或存压力，沪铅连三进口盈亏

Report Summary Industry Investment Rating There is no information about the industry investment rating in the provided content. Core View The report indicates that there may be pressure above the lead price, with a lead trend intensity of -1, suggesting a bearish outlook [1]. Summary by Relevant Catalogs Fundamental Tracking - Price and Volume: The closing price of the Shanghai lead main contract was 17,445 yuan/ton, down 0.03%, and the trading volume was 37,771 lots, down 13,182 lots. The closing price of the LME lead 3M electronic disk was 2,022.5 dollars/ton, down 0.86%, and the trading volume was 3,197 lots, down 495 lots [1]. - Positions: The open interest of the Shanghai lead main contract was 50,652 lots, down 538 lots, while the LME lead open interest was 142,830 lots, up 864 lots [1]. - Premiums and Discounts: The premium of Shanghai 1 lead was -25 yuan/ton, up 5 yuan/ton, and the LME CASH - 3M premium was -23.85 dollars/ton, down 2.77 dollars/ton [1]. - Inventory: The Shanghai lead futures inventory was 61,170 tons, down 1,745 tons, and the LME lead inventory was 231,925 tons, up 725 tons [1]. - Other Indicators: The price of waste electric vehicle batteries was 10,275 yuan/ton, up 25 yuan/ton, and the comprehensive profit and loss of secondary lead was -19 yuan/ton, down 98 yuan/ton [1]. News China's official manufacturing PMI in March was 50.5, indicating the fastest expansion rate of the manufacturing industry in a year [1]. Trend Intensity The lead trend intensity is -1, with a range of [-2, 2], where -2 represents the most bearish and 2 represents the most bullish [1].