新能源及有色金属日报：现货成交有所改善，铅价小幅上行-20250425

1. Report Industry Investment Rating - Unilateral: Neutral; Arbitrage: Suspended [3] 2. Core View of the Report - The lead market currently shows a pattern of weak supply and demand. Lead prices are expected to remain volatile due to the potential weakening impact of tariff factors on supply and the significant impact of tariffs on the consumer side [3] 3. Summary Based on Related Catalogs Market News and Important Data - Spot Market: On April 24, 2025, the LME lead spot premium was -$20/ton. The SMM1 lead ingot spot price increased by 25 yuan/ton to 16,800 yuan/ton. The lead refined - scrap price difference remained unchanged at -50 yuan/ton. The prices of waste electric vehicle batteries increased by 50 yuan/ton to 10,400 yuan/ton [1] - Futures Market: On April 24, 2025, the Shanghai lead main contract opened at 16,965 yuan/ton and closed at 16,940 yuan/ton, up 30 yuan/ton. The trading volume was 39,737 lots, and the open interest was 39,654 lots. The night - session closed at 17,050 yuan/ton, up 0.77% from the afternoon close [1] - Enterprise Quotes: The spot quotation range of Chihong lead is 16,885 - 16,960 yuan/ton, with a premium of 0 - 50 yuan/ton over the SHFE 2505 contract. The premium of Jijin lead and Jiangtong lead in the Jiangsu - Zhejiang region has narrowed to 0 - 20 yuan/ton [2] - Inventory: On April 24, 2025, the SMM lead ingot inventory was 46,000 tons, a decrease of 8,400 tons from the previous week. The LME lead inventory was 277,875 tons, an increase of 800 tons from the previous trading day [2]