Report Industry Investment Rating - Unilateral: Cautiously bearish. Arbitrage: On hold [3] Core View - As it is currently the off - season for lead - acid battery consumption and the overall commodity and equity markets are relatively weak, appropriate sell - hedging operations can be carried out for lead [3] Summary by Related Catalogs Market News and Important Data Spot - On April 8, 2025, the LME lead spot premium was -$28.56 per ton. The SMM1 lead ingot spot price changed by -225 yuan/ton to 16,625 yuan/ton compared to the previous trading day. SMM Shanghai lead spot premium changed by 0 yuan/ton to 25.00 yuan/ton, SMM Guangdong lead spot changed by -275 yuan/ton to 16,700 yuan/ton, SMM Henan lead spot changed by -250 yuan/ton to 16,600 yuan/ton, and SMM Tianjin lead spot premium changed by -325 yuan/ton to 16,550 yuan/ton. The lead refined - scrap price difference remained unchanged at 0 yuan/ton, the price of waste electric vehicle batteries remained unchanged at 10,100 yuan/ton, the price of waste white shells remained unchanged at 9,825 yuan/ton, and the price of waste black shells remained unchanged at 10,200 yuan/ton [1] Futures - On April 8, 2025, the main contract of Shanghai lead opened at 16,550 yuan/ton, closed at 16,540 yuan/ton, down 120 yuan/ton from the previous trading day. The trading volume was 49,232 lots, down 41,129 lots from the previous trading day, and the position was 42,720 lots, down 1,608 lots from the previous trading day. The intraday price fluctuated, with the highest point reaching 16,780 yuan/ton and the lowest point reaching 16,520 yuan/ton. In the night session, the main contract of Shanghai lead opened at 16,580 yuan/ton, closed at 16,590 yuan/ton, down 0.27% from the afternoon closing price of the previous day [1] Market Conditions - According to SMM, the price of Shanghai lead fluctuated at a low level yesterday. Some sellers lowered their offer premiums to sell and achieved some transactions. The discount of the ex - factory price of electrolytic lead smelters (against the SHFE lead 2505 contract) narrowed again, and some even offered at a premium. Recycled lead smelters were reluctant to sell at low prices, with significantly fewer quotes. Some offered at a premium of 0 - 100 yuan/ton to the SMM1 lead average price for ex - factory sales. Downstream enterprises actively inquired, but there were still differences in actual transactions. Some purchased as needed, while others continued to wait and see [2] Inventory - On April 8, 2025, the total SMM lead ingot inventory was 70,000 tons, a decrease of 10 tons compared to the same period last week. As of April 8, the LME lead inventory was 235,725 tons, a decrease of 125 tons compared to the previous trading day [2]
铅价低位震荡，持货商抬高升贴水价格
Hua Tai Qi Huo·2025-04-09 05:23