累库压力仍存，铅价偏弱运行

Group 1: Report Investment Rating - No information provided on the industry investment rating Group 2: Core Viewpoints - The macro - risk preference is under pressure, and the fundamentals remain weak. The output of primary lead will decrease slightly month - on - month, but the output of secondary lead smelters will recover, with a significant expected month - on - month increase. The supply pressure will increase marginally. The consumption side remains in the off - season, and due to the Dragon Boat Festival holiday, some enterprises are on vacation. There is a mismatch between supply and demand, and there is still pressure on inventory accumulation. However, the cost support is solid, and there may be fluctuations near the lower edge of the shock box [3][6][7] Group 3: Summary by Directory Transaction Data - From May 26th to June 2nd, the SHFE lead price dropped from 16,795 yuan/ton to 16,620 yuan/ton, a decrease of 175 yuan/ton; the LME lead price dropped from 1,994 dollars/ton to 1,981 dollars/ton, a decrease of 13 dollars/ton. The Shanghai - London ratio decreased from 8.42 to 8.39. The SHFE inventory decreased by 1,928 tons to 46,500 tons, and the LME inventory decreased by 9,875 tons to 284,150 tons. The social inventory decreased by 0.09 million tons to 4.94 million tons. The spot premium decreased by 20 yuan/ton to - 180 yuan/ton [4] Market Review - Last week, the price of the main SHFE lead contract PB2507 continued to decline in a volatile manner, breaking through the lower edge of the shock box on Thursday night and ending at 16,620 yuan/ton, with a weekly decline of 1.42%. The LME lead price fluctuated sideways, ending at 1,963.5 dollars/ton, with a weekly decline of 1.53%. In the spot market, on May 30th, the price of lead in the Shanghai market was 16,535 - 16,565 yuan/ton, with a discount of 20 - 0 yuan/ton to the SHFE lead 2506/2507 contract. Downstream enterprises were mostly on the sidelines, with some willing to buy at low prices, while others had no purchasing plans due to the upcoming holiday or a pessimistic outlook on the market [5] Industry News - As of the week of May 30th, the weekly processing fees for domestic and foreign zinc concentrates were reported at 600 yuan/metal ton and - 35 dollars/dry ton respectively, remaining flat month - on - month. In May, the refined lead output was 331,200 tons, slightly lower than expected, with a month - on - month increase of 3.53% and a year - on - year increase of 14.7%. It is expected that the output in June will be 320,400 tons, a month - on - month decrease of 3.3%. The output of secondary refined lead in May was 222,500 tons, far lower than expected, with a month - on - month decrease of 36.4% and a year - on - year decrease of 16.9%. It is expected that the output in June will recover to 267,900 tons, a month - on - month increase of 19.9% [8] Related Charts - The report provides 14 related charts, including SHFE and LME lead prices, Shanghai - London ratio, inventory, premium, price difference between primary and secondary lead, waste battery price, secondary lead enterprise profit, lead ore processing fee, output, social inventory, and refined lead import profit and loss [9][12][13]