铅锌日评：原料偏紧与需求不佳博弈，铅价区间整理，沪锌宽幅整理-20250428

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The lead price is expected to trade within a range due to the conflict between tight raw materials and poor demand, while the Shanghai zinc price will experience wide - range consolidation. In the short term, there is significant uncertainty in macro - sentiment for both metals. In the long - term, the zinc price center may shift downward as the TC has room for further increase [1]. 3. Summary by Relevant Catalogs 3.1 Price and Market Indicators - Lead: The SMM1 lead ingot average price was 16,875 yuan/ton, up 0.45%; the futures主力合约收盘价 was 16,945 yuan/ton, up 0.03%; the LME3 - month lead futures收盘价 (electronic) was 1,945 dollars/ton, down 0.74%; the Shanghai - London lead price ratio was 8.71, up 0.78% [1]. - Zinc: The SMM1 zinc ingot average price was 23,110 yuan/ton, up 0.87%; the futures主力合约收盘价 was 22,750 yuan/ton, up 0.71%; the LME3 - month zinc futures收盘价 (electronic) was 2,645.5 dollars/ton, down 1.56%; the Shanghai - London zinc price ratio was 8.60, up 2.31% [1]. 3.2 Production and Consumption - Lead: From April 19 to April 25, the weekly operating rate of SMM primary lead enterprises was 66.23%, up 2.98 percentage points; the weekly operating rate of secondary lead enterprises was 46.92%, down 9.73 percentage points; the weekly operating rate of lead - acid battery enterprises was 73.56%, up 1.06 percentage points [1]. - Zinc: From April 19 to April 25, the weekly operating rate of galvanized enterprises was 62.44%, down 1.90 percentage points; the weekly operating rate of die - casting zinc alloy enterprises was 58.98%, up 0.59 percentage points; the weekly operating rate of zinc oxide enterprises was 59.77%, down 1.02 percentage points [1]. 3.3 Market Conditions and Trends - Lead: The primary lead smelters have basically resumed production, but some refineries in Henan will undergo maintenance in April. The price of waste lead - acid batteries has been rising, causing some secondary lead smelters to cut production. Currently in the consumption off - season, the pre - May Day stocking enthusiasm is low [1]. - Zinc: The smelters have sufficient raw material stocks, and the zinc ore processing fee has been rising. After the zinc price increase, downstream buyers are cautious. The downstream export orders to the US face problems, while those to other regions are normal [1]. 3.4 Inventory - Lead: The LME lead inventory was 274,075 tons, and the Shanghai lead warehouse receipt inventory was 37,971 tons, down 0.93% [1]. - Zinc: The LME zinc inventory was 180,050 tons, and the Shanghai zinc warehouse receipt inventory was 3,185 tons, down 12.38%. As of April 24, the zinc ingot inventory in the Shanghai Free Trade Zone was 1.21 million tons, remaining stable compared to the previous week [1]. 3.5 Trading Volume and Open Interest - Lead: The trading volume of the active futures contract was 37,979 lots, down 4.42%; the open interest was 38,733 lots, down 2.32%; the trading - to - open - interest ratio was 0.98, down 2.15% [1]. - Zinc: The trading volume of the active futures contract was 203,216 lots, up 12.68%; the open interest was 122,427 lots, down 2.12%; the trading - to - open - interest ratio was 1.66, up 15.12% [1].