新能源及有色金属日报：下游采购积极性较差，铅价或维持震荡偏弱-20250509

Report Summary 1) Report Industry Investment Rating - Unilateral: Cautiously bearish; Arbitrage: On hold [3] 2) Core View of the Report - In the off - season of consumption, the supply and demand of lead may show a pattern of both weakness. Macro uncertainties will also continuously interfere with the trend of non - ferrous metals. It is recommended to conduct sell - hedging operations around 17,200 yuan/ton [3] 3) Summary by Related Content Market News and Important Data - Spot Market: On May 8, 2025, the LME lead spot premium was - 16.08 dollars/ton. SMM1 lead ingot spot price increased by 75 yuan/ton to 16,625 yuan/ton. The spot premiums of different regions changed to varying degrees. The lead scrap price differential remained unchanged at - 25 yuan/ton, and the prices of waste batteries also had different changes [1] - Futures Market: On May 8, 2025, the SHFE lead main contract opened at 16,720 yuan/ton, closed at 16,775 yuan/ton, up 75 yuan/ton. The trading volume was 39,686 lots, a decrease of 5,276 lots, and the position was 34,382 lots, a decrease of 2,547 lots. The night - session closed flat with the afternoon session [1] Supply and Demand and Inventory - Supply and Demand: The inventory pressure of smelting enterprises in Henan increased, and the price difference between different regions' smelting enterprises and traders widened. Downstream enterprises mainly digested finished product inventories, with poor procurement enthusiasm and light trading in the spot market [2] - Inventory: On May 8, 2025, the total SMM lead ingot inventory was 48,000 tons, an increase of 1,600 tons from last week. As of May 8, the LME lead inventory was 255,150 tons, a decrease of 1,550 tons from the previous trading day [2] Strategy - Unilateral: Cautiously bearish, suggesting sell - hedging operations around 17,200 yuan/ton [3] - Arbitrage: On hold [3]