新能源及有色金属日报：再生精铅货源有限，铅价维持震荡格局-20250514

Report Industry Investment Rating - The investment rating is neutral [4] Core View of the Report - After the holiday, the terminal consumption of lead batteries remains weak, some manufacturers continue to consume inventory, and raw material procurement stays low. As it is currently the off - season for consumption, lead prices may maintain a relatively weak pattern. However, due to the significant progress in Sino - US trade negotiations and improved market sentiment, lead prices may also maintain a relatively resilient pattern driven by the overall non - ferrous metals sector. For now, the operation strategy is to buy low and sell high [4] Summary by Relevant Catalogs Market News and Important Data Spot Market - On May 13, 2025, the LME lead spot premium was $5.95 per ton. The SMM 1 lead ingot spot price remained unchanged at 16,750 yuan per ton compared to the previous trading day. The SMM Shanghai lead spot premium changed by 25 yuan per ton to - 20.00 yuan per ton. The SMM Guangdong lead spot price changed by - 25 yuan per ton to 16,775 yuan per ton. The SMM Henan lead spot price changed by - 50 yuan per ton to 16,750 yuan per ton. The SMM Tianjin lead spot premium changed by - 50 yuan per ton to 16,825 yuan per ton. The lead refined - scrap price difference remained unchanged at - 25 yuan per ton. The price of waste electric vehicle batteries increased by 25 yuan per ton to 10,300 yuan per ton, the price of waste white - shell batteries increased by 25 yuan per ton to 10,200 yuan per ton, and the price of waste black - shell batteries increased by 25 yuan per ton to 10,550 yuan per ton [1] Futures Market - On May 13, 2025, the main contract of Shanghai lead opened at 16,940 yuan per ton and closed at 16,970 yuan per ton, a decrease of 25 yuan per ton compared to the previous trading day. The trading volume for the whole trading day was 26,926 lots, a decrease of 15,696 lots compared to the previous trading day. The position for the whole trading day was 30,495 lots, a decrease of 2,814 lots compared to the previous trading day. The intraday price fluctuated, with the highest point reaching 17,000 yuan per ton and the lowest point reaching 16,895 yuan per ton. In the night session, the main contract of Shanghai lead opened at 16,930 yuan per ton and closed at 16,980 yuan per ton, a 0.18% increase compared to the afternoon closing price of the previous day. Shanghai lead maintained a relatively strong oscillation. Sellers were active in selling, and the premium in quotes increased. At the same time, the premium of the ex - factory supply of electrolytic lead smelters to Shanghai lead further widened, with a few quotes approaching a discount of 200 yuan per ton. The circulating supply of recycled refined lead was limited, with quotes at a discount of 50 - 0 yuan per ton to the SMM 1 lead price, and a few premium quotes still existed. Downstream enterprises were highly cautious and made few inquiries, resulting in a sluggish transaction in the retail market [2] Inventory - On May 13, 2025, the total SMM lead ingot inventory was 47,000 tons, a decrease of 400 tons compared to the same period last week. As of November 28, the LME lead inventory was 253,175 tons, an increase of 1,375 tons compared to the previous trading day [3]