铅：低位企稳

Group 1: Industry Investment Rating - No industry investment rating information is provided in the report. Group 2: Core Viewpoints - The lead price is stabilizing at a low level [1]. - The lead trend intensity is 0, indicating a neutral trend [2]. Group 3: Summary by Directory 1. Fundamental Tracking - Prices: The closing price of the main contract of Shanghai lead futures was 16,670 yuan/ton, up 0.60%; the closing price of the 3M electronic disk of LME lead was 1,986 dollars/ton, up 0.25% [1]. - Volumes and Positions: The trading volume of the main contract of Shanghai lead futures was 35,010 lots, an increase of 6,469 lots; the trading volume of LME lead was 4,836 lots, an increase of 97 lots. The open interest of the main contract of Shanghai lead futures was 52,496 lots, a decrease of 3,051 lots; the open interest of LME lead was 147,271 lots, an increase of 4,033 lots [1]. - Premiums and Discounts: The premium of Shanghai 1 lead was -15 yuan/ton, an increase of 5 yuan/ton; the LME CASH - 3M premium was -19.72 dollars/ton, an increase of 2.45 dollars/ton [1]. - Inventory: The inventory of Shanghai lead futures was 41,698 tons, an increase of 1,382 tons; the LME lead inventory was 281,550 tons, a decrease of 1,600 tons. The LME lead cancelled warrants were 47,825 tons, a decrease of 1,600 tons [1]. - Others: The price of scrap electric vehicle batteries was 10,125 yuan/ton, unchanged; the integrated profit and loss of secondary lead was -571 yuan/ton, a decrease of 1 yuan/ton [1]. 2. News - The US May ADP employment data was "disappointing", with only 37,000 new jobs, the lowest since March 2023. Trump called on Powell to cut interest rates. The US May ISM services PMI contracted for the first time in a year, with a sharp drop in demand and high prices [2]. - Despite tariff threats, the eurozone's May PMI unexpectedly increased, but demand in Germany and France continued to be weak [2].