新能源及有色金属日报：铅价下单询价增多，但实际成交有限-20250507

Group 1: Report Industry Investment Rating - Unilateral: Cautiously bearish [4] - Arbitrage: Suspended [4] Group 2: Core View of the Report - In the off - season of consumption, the supply and demand of lead may show a weak pattern, and macro uncertainties will continuously interfere with the trend of non - ferrous metals. It is recommended to conduct sell - hedging operations around 17,200 yuan/ton [4] Group 3: Summary by Related Catalogs Market News and Important Data Spot - On May 6, 2025, the LME lead spot premium was -$10.29/ton. The SMM1 lead ingot spot price changed by -100 yuan/ton to 16,600 yuan/ton compared with the previous trading day. SMM Shanghai lead spot premium changed by 0 yuan/ton to 0.00 yuan/ton, SMM Guangdong lead spot changed by -75 yuan/ton to 16,625 yuan/ton, SMM Henan lead spot changed by -100 yuan/ton to 16,575 yuan/ton, and SMM Tianjin lead spot premium changed by -125 yuan/ton to 16,625 yuan/ton. The lead refined - scrap price difference remained unchanged at 0 yuan/ton, the price of waste electric vehicle batteries remained unchanged at 10,300 yuan/ton, the price of waste white shells remained unchanged at 10,150 yuan/ton, and the price of waste black shells changed by 50 yuan/ton to 10,525 yuan/ton [2] Futures - On May 6, 2025, the main contract of SHFE lead opened at 16,755 yuan/ton, closed at 16,700 yuan/ton, a change of -140 yuan/ton from the previous trading day. The trading volume was 36,146 lots, a change of 1,712 lots from the previous trading day, and the position was 38,454 lots, a change of 2,348 lots from the previous trading day. The intraday price fluctuated, with the highest point reaching 16,780 yuan/ton and the lowest point reaching 16,625 yuan/ton. In the night session, the main contract of SHFE lead opened at 16,740 yuan/ton, closed at 16,675 yuan/ton, a 0.05% decrease from the afternoon close [3] Inventory - On May 6, 2025, the total SMM lead ingot inventory was 46,000 tons, a change of 600 tons from the same period last week. As of November 28, the LME lead inventory was 261,500 tons, a change of -100 tons from the previous trading day [3]